Banks’ Brexit plans still need work if they are going to be ready for the UK leaving the EU, according to a powerful member of the ECB. Sabine Lautenschlaeger, vice-chair of the board of the Single Supervisory Mechanism, said issues remain in preparations for both UK-based banks trying to access the EU and EU-based banks wanting to service clients in the UK. “My message to all affected banks is this: don’t procrastinate,” she said, speaking at a banking forum in Frankfurt. “No one will wait for you. When Brexit happens you will either be prepared, or not. I advise you to be prepared.” Source City AM
Libya rejects a European Union’s plan to establish migrant centers there to stop asylum seekers arriving in western Europe and it will not be swayed by financial inducements, Prime Minister Fayez al-Sarraj said. Source: Reuters
The first families of Boers, descendants of Dutch settlers in South Africa, could soon be moving to Russia to escape rising violence against farmers. Some 15,000 Boers want to leave South Africa and become farmers in Russia. Source: RT
Italian bonds fell on concern that Finance Minister Giovanni Tria, whose appointment brought a relative calm to the nation’s markets, may be forced to step down. Source: Bloomberg
