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|20 March, 2019

UK banks moving over $1.36trln of assets to EU over Brexit: ECB

Seven significant institutions are expected to come under ECB supervision at the outset

A euro logo sculpture stands in front the headquarters of the European Central Bank (ECB) in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski

A euro logo sculpture stands in front the headquarters of the European Central Bank (ECB) in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski

REUTERS/Ralph Orlowski

FRANKFURT - Seven big banks are moving around 1.2 trillion euros ($1.36 trillion) of assets from Britain to the euro zone as part of their preparations for Brexit, European Central Bank supervisor Ignazio Angeloni told Bloomberg.

"We expect seven significant institutions to come under ECB supervision at the outset, of which we already oversee three. There will also be some 17 new less significant institutions," Angeloni was quoted on Wednesday as saying.

"The seven large institutions will bring about 1.2 trillion euros of assets under the supervision of the ECB," he added.

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He said that large investment banks will also come under ECB supervision at a later stage and they are also expected to move over some assets.

($1 = 0.8801 euros)

(Reporting by Balazs Koranyi Editing by Francesco Canepa) ((Balazs.Koranyi@thomsonreuters.com; +49 69 7565 1244; Reuters Messaging: balazs.koranyi.thomsonreuters.com@reuters.net))