EU watchdog tells banks to speed up Brexit preparations as banks have failed to make enough progress on their Brexit preparations.and should not expect ''miracle'' public intervention to help them, the European Union's banking watchdog said on Monday.

While Britain and EU have agreed in principle on a transition deal lasting from Brexit next March to the end of 2020, it is a part of a broader divorce settlement that has yet to be formally adopted.

Banks preparations for the  potential departure of Britain from the EU without a ratified withdrawal agreement are inadequate, the European Banking Authority [EBA] said in a statement on Brexit.

''This should be a wake up call. Time is running out, in some cases it has run out, and don't assume there will be a transition period,'' said Piers Haben, EBA director of banking markets, innovation and consumers.

Banks in Britain are submitting applications for licenses to set up or expand operations in the EU to ensure continuity of service after March.

UK branches of banks from the EU need permission to continue serving customers in the United Kingdom.

''Big banks can't assume they can put off the application process,'' Haben said.

The EBA said banks must have enough staff at new operations to manage risks from the first day after Britain's withdrawal on March 29, 2019, and financial stability must not be put at risk because lenders want to avoid costs.

The EBA - itself relocating from London to Paris by March due to Brexit - said preparations by banks must advance more rapidly in a number of areas without further delay.

The honor and serving of the latest Global Operational Research on Brexit continues to Part 2.


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