From the day after the referendum I have repeatedly emphasized that we are not the marketing agency for the city of Frankfurt – or any other European financial centre, for that matter. We are supervisors interested in the stability and smooth functioning of the financial sector.
And as long as there is no deal on future relations, no divorce deal and not even a reliable and consistent declaration of intent, we have no other choice than to warn financial institutions of the risk of being caught unprepared. This would not be in the interest of either the EU or the UK.