FRANKFURT (Reuters) – Most London-based banks moving to the euro area due to Brexit have made “reasonable progress” in preparing the move, European Central Bank director Sabine Lautenschlaeger said on Wednesday.

“We have urged and pushed them (banks) to prepare for all potential outcomes of the political process,” she told an audience in Sydney. “At present, most banks relocating to the euro area have made reasonable progress in preparing their move.”

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