Brexit bank headache, 7 years of limbo: What Europe said on Brexit today

Lynsey Barber
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Big German banks are exposed to London (Source: Getty)

Top leaders in Europe's finance world have spoken out on the Brexit debate on Sunday, with warnings of a headache for German banks and seven years of "limbo" in negotiations.

German banks would be hit if Britain voted to leave the European Union, the head of the country's financial watchdog has warned.

The heavy exposure of some German banks to business in London would leave them with problems, said Bafin president Felix Hufeld.

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"The biggest banks would have the biggest problems. They have the most activities in, and with, London," said Hufeld, speaking to the German newspaper Der Tagesspiegel.

"Everyone hopes that the British opt for the EU, I do too," he said.

Deutsche Bank and Commerzebank are the biggest German banks with business in the UK, while most banks in the country have offices in London.

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Meanwhile, Donald Tusk, the president of the European council said Britain would face up to seven years of limbo if we voted to leave the union.

"Every single one of the 27 member states as well as the European parliament would have to approve the overall result. That would take at least five years, and I’m afraid, without any guarantee of success,” said Tusk in an interview with German newspaper Bild, due to be published in full on Monday.

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