Bye bye bankers

Brexit: French financial regulator wooing London banks http://www.bbc.co.uk/news/business-38245646


France's leading financial regulator has told the BBC that major banks are in advanced stages of planning to shift some operations from London to Paris.
Benoit de Juvigny said that "large international banks" have undertaken the due diligence needed to set up a subsidiary in the French capital.
He also told Newsnight that "many other companies" had lodged informal inquiries about moving post-Brexit.
He expects similar talks to be going on in Europe's other financial centres.
Authorities in Frankfurt, Luxembourg and Amsterdam have said they would welcome banks moving operations from London for when the UK leaves the European Union.
For many years, British-based financial services companies have been able to operate throughout Europe using so-called passporting rights.
That scheme may end when Britain leaves the EU, with no guarantee that it will be replaced by a similar agreement.
It is that uncertainty that had led many financial companies - and particularly international banks - to make contingency plans that would see them transfer a chunk of their business to an EU member country.
Dangers
Newsnight has learned that at least eight centres are now actively vying for this business - Paris, Frankfurt, Dublin, Luxembourg, Amsterdam, Madrid, Bratislava, and the Maltese capital, Valletta.
But the extent to which these plans have been progressed has been hard to ascertain - until now.
Mr de Juvigny's disclosure that major banks have gone as far as conducting due diligence shows an important milestone.
Due diligence is the process of close scrutiny that major businesses go through prior to a major deal. It is detailed and expensive, and even wealthy banks don't undertake it lightly. What's more, if Mr du Juvigny is right, then it's being conducted in multiple cities around Europe.
He said that the French regulatory department was likely to be expanded to cope with any influx of companies.
However, he warned about the impact of regulators trying to compete to attract banks, saying: "The danger is the race that we could have for a more lenient regulation with a more lenient regulator."
He said the risk of such leniency was lax regulation that could lead to another financial crisis, and called for Europe to stick "strictly" to existing legislation.
"I don't believe that [lenient regulation] should be the choice of the UK, but nobody knows," he said.

Re: Bye bye bankers

Hi

I really cannot understand the glee shown by some at this prospect.

If they do go we stand to lose £64 Billion a year according to the bean counters.

To put this into perspective, the cost of State Pensions is around £90 Billion a year, funded out of Taxation.

This is not a pleasant prospect.

Re: Bye bye bankers

Not a pleasent prospect at all

Re: Bye bye bankers

...the key words being 'some' and 'subsidiary'.
As no knows for sure what the final arrangments will look like when we leave the EU it would be remiss of banks and big companies not to make some provision for every eventuality.

Having spoken to a person in the heart of Londons financial services I was told that many in that sector would be reluctant to move to Europe because they and their families are settle here and unless something catastrophic happens the core of businesses will remain here with some kind of provision being made for banking and passporting eg
http://www.thisismoney.co.uk/money/m...#ixzz4RZypbgM0

Re: Bye bye bankers

I understand fully the banks need to look after their business interests but by same token I won't be held to ransom and regret voting out simply to either secure their jobs / countries wealth as the short term possible loss will eventually return in the years ahead but to remain forever in the eu knowing the troubles it will be facing for decades are more than worth the sacrifice in my opinion.
Ive no doubt the experts will suggest I'm wrong but I do wonder what would happen if the banks have their leaving parties and set up shop somewhere in Europe only to have another banking crisis ( these are the only 'experts' on the planet that screw up so monumentally they get government bailouts REMEMBER ) then in many ways that may well save us huge sums supporting them again from collapse ? Who knows what the future holds and I'm certain the press /remoaners will have lots of 'rub our noses in it' sessions when they leave but if that's the cost then so be it ..... no one ever said freedom is free

Re: Bye bye bankers

Hi

I do not understand your logic in this instance.

The Banks we bailed out were UK Banks, Lloyds, RBS etc, a tiny proportion of the Banks operating in London.

The big foreign banks are based in London because it has access to the EU, lose access to that market and it will not come back, it is gone.

We are a net contributor to the EU, they will not want to lose those Billions, it will hurt them.

Grabbing these banks will give them far more money than they lose by us leaving.

I will not be a happy Womble if we end up giving Merkel and Juncker more money than we do now.

That would just show how utterly incompetent our Politicians are, we would then be paying to shore up the EU far more than we currently do.

One the main things about the Campaign was Immigration.

Taking back control, blaming the EU for free movement.

What a load of rubbish, net migration to the UK was 326,000, net migration to France was 33,000, only 10% of what we had and more than half of ours came from outside the EU, not from the EU at all.

The question has to be asked why are we overrun with Migrants?

There is one obvious answer, our Benefits and Taxation System.

We need to change our Benefits System now, we should have done so years ago.

Our idiot Politicians are wondering off to Brussels soon to negotiate, Free Movement will be a major part of that.

Well, about time we said naff off, we are changing it ourselves and we are doing it now.

We can adopt the same systems as other EU Countries and slash Immigration now.

I cannot understand what the game is and why we have not done this.

Re: Bye bye bankers

I have no problem with migration .... none at all if it's controlled migration but to take a polish plumber means allowing access to 500,000,000 others and I don't accept it .... indeed why can't we recruit Australian or American or Indian or Eskimo nurses or whatever ?????
Europe has just allowed millions of migrants in and they will breed and those kids will obviously have an eu passport through birth so who is to stop them upping sticks and swamping the uk in the years ahead ?
This is a ONCE only deal to leave and not knowing the future then to remain in my opinion is crazy crazy crazy

Re: Bye bye bankers

Hi

Well if we trained our own why would we need so much Immigration and also why would they want to come here if there was no reason to?

Re: Bye bye bankers

The European Courts granted the UK the right to deny benefits to EU migrants if they find themselves unemployed for the first FIVE years of their residency in the UK.

https://www.theguardian.com/uk-news/...ts-judges-rule


If an EU citizen is unemployed why n earth would they stay where they can't get benefits when they can find work somewhere else??

Secondly many immigrants do not bring their families.

Thirdly the UK can hire anyone they want from outside the EU. The largest immigrant population into the UK is still India.

Re: Bye bye bankers

The 'game' was tony Bliar ... yes he of war crime fame ... David Kelly and a host of other coverups ..... he allowed open door and wouldn't hold referendum over Lisbon treaty REMEMBER .....ever wonder why ?


He reasoned that if he flooded the country with migrants then they will vote labour ...... self generating voters !