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.
The situation continues to warrant careful monitoring, particularly with regard to how corporate finance develops toward the turn of the fiscal year. BIS Review 31/1999  2