This conclusion was made by Sabine Lautenschlaeger, director at the European Central Bank, to an audience in Sydney.

On Wednesday, Sabine Lautenschlaeger, European Central Bank director stated, the majority of London-based banks relocating to the Eurozone due to Brexit, have made “reasonable progress” in preparing the move.

“We have urged and pushed them (banks) to prepare for all potential outcomes of the political process,” Lautenschlaeger told an audience in Sydney.

“At present, most banks relocating to the euro area have made reasonable progress in preparing their move.”