Emmanuel Macron famously worked for blue-blooded investment bank Rothschild so knows well how to craft overtures that the financial world’s chief executives want to hear as they relocate from the UK as a result of the country’s exit from the European Union (EU).
Attention will focus on a much-trailed new body: the EU Anti-Money Laundering Authority (AMLA) – totemic of a tougher and better co-ordinated EU approach, as we wrote last year.
The UK Brexit referendum outcome rocked Ireland, more so than any other EU member state, with the (ongoing) fallout significantly more profound (and sensitive).
ABI and GBIC note that the current regulatory approach to non-performing exposures was developed under completely different circumstances and should, therefore, be reconsidered in light of the pandemic emergency.
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