Some only need their licence extended, some need a completely new licence and some don’t need a licence at all, but want to substantially expand the business that’s covered by their existing licence, and this all obviously also entails work, as we then impose other conditions on their setup here in the European market. Will Frankfurt, Germany’s financial centre, become more important after Brexit?
Yes. Why? Because quite a few banks will move parts of their business from London to Frankfurt, or to Paris, Amsterdam or Dublin, so not only to Germany’s financial centre.