European Central Bank (ECB) executive board member Sabine Lautenschlaeger speaking on regulation and Brexit told a press conference on Monday that the central bank is prepared for any outcome from Brexit talks.

Lautenschlaeger said that there may probably be many banking groups coming in due to Brexit and to enable banks to comprehensively comply with requirements, ECB will grant bank-specific phase-in periods. She added that such periods can last months, possibly years, depending on individual circumstances.

Lautenschlaeger called for Basel -3 regulations to be finalized as quickly as possible and added that the committee is close to reaching an agreement.