This is even more of an issue when the relevant staff members are physically located outside the euro area. In our view, certain key roles should not be part of such dual-hatting arrangements. In other words, euro area entities must be sufficiently independent from group entities that are located outside the EU. We will not accept shell companies; that’s for sure.
We do not see them as banks. And we won’t accept more inventive set-ups either. In order to avoid having to move staff and assets to the Continent, some banks seem to be considering the idea of establishing a subsidiary in the euro area, which would then set up a branch in the United Kingdom.