Current Affairs EU In or Out

[peteblue]

Then they should stay put and fight it out instead of whinging. If the EU does take away the passport rights, they will suffer as well. TBH half the EU is on it's uppers anyway and more trying to get in - Albania, Montengro, Bosnia are examples.

Plus Turkey and now Georgia.......a truly great commercial enterprise........

 

[Toffeelover]

Plus Turkey and now Georgia.......a truly great commercial enterprise........

And there is one thing they all have in common - they hold their hands out!

 

[tsubaki]

Most of the business would go to Frankfurt which the Americans certainly don't want. The scale of their investment in the UK is huge, particularly in people, they don't want to have to unwind that investment and start over again in Frankfurt.

Perhaps, though I think there is an awful lot that will still be done in London - which has far more going for it as a city and in economic / global terms than Frankfurt does, especially for countries that speak English. The decision to not have it (Frankfurt) as the capital of West Germany probably doomed it as a global financial centre; had they done so instead of Bonn it would probably still be the capital of a unified Germany now.

 

[orly]

Most of the business would go to Frankfurt which the Americans certainly don't want. The scale of their investment in the UK is huge, particularly in people, they don't want to have to unwind that investment and start over again in Frankfurt.

Interesting.

Been saying it on here for a while now but Deutsche, and now maybe Commerzbank, are about to take Germany through the tubes imo. 2017 is going to be chaotic

Idealogically too the Americans would not allow the financial centre of the world to be so close to the Eastern bloc either

 

[peteblue]

Interesting.

Been saying it on here for a while now but Deutsche, and now maybe Commerzbank, are about to take Germany through the tubes imo. 2017 is going to be chaotic

Idealogically too the Americans would not allow the financial centre of the world to be so close to the Eastern bloc either

I like the fact that Esk has liked this post, which completely undermines his own view......

 

[The Esk]

I like the fact that Esk has liked this post, which completely undermines his own view......

I think you need go and read up on passporting, and the impact an absence of passporting will have on London, and the foreign banks who use London as an entry point to European financial services.

When you have done that you will understand my reference to Frankfurt, the requirement for the American banks to be in Frankfurt (if London is not passported) and how the difficulties Deutsche and Commerzbank will make it even more critical they are there.

 

[ilikecheese]

Most of the business would go to Frankfurt which the Americans certainly don't want. The scale of their investment in the UK is huge, particularly in people, they don't want to have to unwind that investment and start over again in Frankfurt.

I seem to remember reading an article that Paris was going to jump on the banking stuff that London was potentially going to lose.

Don't remember the source or anything, but it did seem logical when I read it. Very opportunistic, but logical nonetheless.

 

[peteblue]

I think you need go and read up on passporting, and the impact an absence of passporting will have on London, and the foreign banks who use London as an entry point to European financial services.

When you have done that you will understand my reference to Frankfurt, the requirement for the American banks to be in Frankfurt (if London is not passported) and how the difficulties Deutsche and Commerzbank will make it even more critical they are there.

I've commented on passporting before. This was what the FT published regarding the view of the ratings agencies.....

Fitch Ratings has become the latest major rating agency to say UK-based banks and financial services firms can cope with losing their much-cherished ability to “passport” their services in the EU following the Brexit vote.

Should British banks lose their ability to operate across the continent with an EU-wide passport – a “worst case outcome” – the agency said it would not provoke any major change on lenders’ ratings.

“We believe the costs and disruption are likely to be manageable in the context of banks’ overall credit profiles,” said James Longsdon at Fitch.

The findings follow a similar verdict from rival agency Moody’s, which has called the loss of passporting rights as broadly “manageable” for the sector.

In the event the passport is lost, both agencies have touted the possibility of British banks using incoming European market rules, known as Mifid II, as easing the process of doing business on the continent following the UK’s exit.

 

[peteblue]

I seem to remember reading an article that Paris was going to jump on the banking stuff that London was potentially going to lose.

Don't remember the source or anything, but it did seem logical when I read it. Very opportunistic, but logical nonetheless.

Of course the French would attempt to do so, but Esk said it's going to Frankfurt. Meanwhile London and New York will just sit back and allow these two small financial centres to utilise their banks to gain business......this is not about moving a corner shop to another country.......

 

[The Esk]

I seem to remember reading an article that Paris was going to jump on the banking stuff that London was potentially going to lose.

Don't remember the source or anything, but it did seem logical when I read it. Very opportunistic, but logical nonetheless.

I'm sure Paris will try but my understanding from London is that the American banks in particular find the French business culture "challenging"...

 

[peteblue]

I'm sure Paris will try but my understanding from London is that the American banks in particular find the French business culture "challenging"...

Unlike Frankfurt, which is just like London and New York, apart from speaking German and German regulatory systems, and being in Frankfurt........

 

[joey_macmo]

I'm pretty sure at the very same conference Dimon talked about moving jobs out of London and back to New York as a result of brexit. Think I read that anyway.

 

[peteblue]

I'm pretty sure at the very same conference Dimon talked about moving jobs out of London and back to New York as a result of brexit. Think I read that anyway.

No mate, they're going to Frankfurt. There's no way that New York will seek any advantage from this, it's not the American way........and of course London will just lay down and give in to the mighty Frankfurt because everyone wants to live there........

 

[joey_macmo]

No mate, they're going to Frankfurt. There's no way that New York will seek any advantage from this, it's not the American way........and of course London will just lay down and give in to the mighty Frankfurt because everyone wants to live there........

The destination is mostly irrelevant, if they leave it will hurt us.

 

[peteblue]

The destination is mostly irrelevant, if they leave it will hurt us.

They are not leaving.....