There have been 22 Brexit-related licensing procedures for credit institutions in the SSM as a whole, of which eight were for Germany. Of these, seven have since been finalised, and the remaining licence probably won’t be pursued. A further ten credit institution procedures concerned an expansion of business activities in the SSM under existing licences; three of these were in Germany.
For some, the answer to this may still be yes, but it is then imperative that they work to incorporate safer fallback language into their contracts as quickly as they can. This is something that the ARRC has been working on intensively this year and much of today’s roundtable will discuss.