Jorg Kukies urged all of its financial institutions to prepare for a hard Brexit when the transition period expires at the end of the year. He claimed there is a “very significant risk” negotiations could end without an agreement in place. Speaking to the Frankfurt Finance Summit, Mr Kukies said: “The strategy of hope for the best, plan for the worst, I think is very prudent here.
“Every financial institution has to make sure that they are prepared for a hard Brexit, if and when it happens.
“We don’t want that and we hope that it can be avoided. But anyone who listens to the progress updates of the negotiating teams has to take into account that there is a very significant risk that we will go into a difficult situation.”
It comes after a leaked memo revealed that EU27 member states will agree to accelerate the bloc’s no deal preparations.
In the draft European Council conclusions, capitals call “upon member states, Union insinuations and all stakeholders to step up their work on preparedness and readiness at all levels for all outcomes, including that of no agreement”.
The document is set to be adopted this week during a meeting of senior European diplomats in Brussels.
Describing the state of the negotiations, the Council “takes note of the limited progress achieved in the negotiations until now”.
European capitals warned against chief negotiators Michel Barnier and David Frost from entering into so-called secret “tunnel” negotiations.
EU member states “welcome the plans agreed by the Chief Negotiators to intensify the negotiation process and to create the most conducive conditions for reaching an agreement before the end of 2020 while recalling that negotiations have to be carried out in a way that ensures that the Council remains fully informed of any developments”, the note says.