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  1. #1

    More fingers than teeth

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    Default Germany warns the City over Brexit risk

    Oh Dear...

    He's quite right in arguing a race to the bottom is in no ones interests. Moreover though it is interesting the city's ability to do business throughout the EU is becoming less of a 'something we can negotiate' and more of a 'countries are just to different', in other words it is no long efficient to operate in London.

    One of Germany's most senior banking regulators has warned London that it is likely to lose its role as "the gateway to Europe" for vital financial services.

    Dr Andreas Dombret, executive board member for the German central bank, the Bundesbank, said that even if banking rules were "equivalent" between the UK and the rest of the European Union, that was "miles away from access to the single market".

    Mr Dombret's comments were made at a private meeting of German businesses and banks organised by Boston Consulting Group in Frankfurt earlier this week.

    They give a clear - and rare - insight into Germany's approach as Britain starts the process of leaving the European Union.

    And that approach is hawkish.

    "The current model of using London as a gateway to Europe is likely to end," Mr Dombret said at the closed-door event.

    Mr Dombret made it clear that he did not support a "confrontational approach" to future relations between the UK's substantial financial services sector and the EU.

    But he argued there was "intense uncertainty" about how the Brexit negotiations would progress and significant hurdles to overcome.

    The Bundesbank executive, who is responsible for banking and financial supervision, said he was concerned that the trend towards internationally agreed standards was under pressure.

    And that Britain might try to become the "Singapore of Europe" following Brexit, by cutting taxes and relaxing financial regulations to encourage banks and businesses to invest in the UK.

    'Race to the bottom'

    "Brexit fits into a certain trend we are seeing towards renationalisation," he said.

    "I strongly believe that this negatively affects the well-being of us all.

    "We should therefore invest all our efforts in containing these trends.

    "This holds for the private sector as well as for supervisors and policymakers in the EU and the UK.

    "Some voices are calling for deregulation after Brexit," he continued.

    "One such example is the 'financial centre strategy' that is being discussed as a fallback option for the City of London.

    "Parts of this recipe are low corporate taxes and loose financial regulation.

    "We should not forget that strictly supervised and well-capitalised financial systems are the most successful ones in the long run.

    "The EU will not engage in a regulatory race to the bottom."
    source: Germany warns the City over Brexit risk - BBC News
    London : 'we're holding a referendum to leave the Eureopean union
    EU: 'OK'
    Scotland: 'we're holding a referendum to leave the UK union'
    London: ' Oh no you're not'.

  2. #2
    GB9
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    Quote Originally Posted by scooterscot View Post
    Oh Dear...

    He's quite right in arguing a race to the bottom is in no ones interests. Moreover though it is interesting the city's ability to do business throughout the EU is becoming less of a 'something we can negotiate' and more of a 'countries are just to different', in other words it is no long efficient to operate in London.



    source: Germany warns the City over Brexit risk - BBC News
    Interestingly most other figures in Finance are posting opposing views. I wonder if it's because Frankfurt isn't getting anywhere near the numbers of roles it was expecting.

    I think the Germans know this won't happen. They are becoming increasingly irrelevant in the Finance domain.

  3. #3

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    Quote Originally Posted by GB9 View Post
    Interestingly most other figures in Finance are posting opposing views. I wonder if it's because Frankfurt isn't getting anywhere near the numbers of roles it was expecting.

    I think the Germans know this won't happen. They are becoming increasingly irrelevant in the Finance domain.
    This... The article is just the biased opinion of someone who will not be any part of the negotiations, but someone who probably has an interest in seeing some of the financial operations of the city move to Frankfurt.

    But I just don't see that happening. Of the small headcount lost from the UK in the event of passporting coming to an end, some will just be lost headcount, some will disperse across the EU (probably English speaking, close to London, lower corp tax - so Dublin then. Or maybe way out to Eastern Europe.).

    Once Germany realises it isn't about to get the lion's share of any financial industry move, then they'll quietly drop this and passporting may even continue.

  4. #4
    GB9
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    Quote Originally Posted by chopper View Post
    This... The article is just the biased opinion of someone who will not be any part of the negotiations, but someone who probably has an interest in seeing some of the financial operations of the city move to Frankfurt.

    But I just don't see that happening. Of the small headcount lost from the UK in the event of passporting coming to an end, some will just be lost headcount, some will disperse across the EU (probably English speaking, close to London, lower corp tax - so Dublin then. Or maybe way out to Eastern Europe.).

    Once Germany realises it isn't about to get the lion's share of any financial industry move, then they'll quietly drop this and passporting may even continue.
    I totally agree.

    And we have to remember that whilst there are 5,000 UK firms using passporting to access the EU, there are 8,000 EU firms using passporting to access the UK.

  5. #5
    eek
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    Quote Originally Posted by scooterscot View Post
    Oh Dear...

    He's quite right in arguing a race to the bottom is in no ones interests. Moreover though it is interesting the city's ability to do business throughout the EU is becoming less of a 'something we can negotiate' and more of a 'countries are just to different', in other words it is no long efficient to operate in London.



    source: Germany warns the City over Brexit risk - BBC News
    That actually shows how little Dr Andreas Dombret understands about Bank Regulations. There is a reason why Banks flocked to London - lack of regulation (and I'm especially taking about the Bundesbank'a utter lack of regulating of DeutscheBank as a prime example) is not the reason..

    but keep on posting any stories you think are relevant - I can do with the laugh - especially as I'm sat in boring meetings in Munich...
    merely at clientco for the entertainment

  6. #6

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    Quote Originally Posted by GB9 View Post
    I totally agree.

    And we have to remember that whilst there are 5,000 UK firms using passporting to access the EU, there are 8,000 EU firms using passporting to access the UK.
    sounds like an alternative fact to me, do you have a problem with passporting rights? is it their reigion or their face cover?
    "If you didn't do anything that wasn't good for you it would be a very dull life. What are you gonna do? Everything that is pleasant in life is dangerous."

    I want to see the hand of history on his collar.

  7. #7

    I live on CUK

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    love it Scooter - oh look a Turkey trying to deny the existence of Christmas.
    "If you didn't do anything that wasn't good for you it would be a very dull life. What are you gonna do? Everything that is pleasant in life is dangerous."

    I want to see the hand of history on his collar.

  8. #8

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    Quote Originally Posted by eek View Post
    but keep on posting any stories you think are relevant - I can do with the laugh - especially as I'm sat in boring meetings in Munich...
    Couldn't get a job in London huh?

    Enjoy those next two years while you can.
    London : 'we're holding a referendum to leave the Eureopean union
    EU: 'OK'
    Scotland: 'we're holding a referendum to leave the UK union'
    London: ' Oh no you're not'.

  9. #9
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    Quote Originally Posted by vetran View Post
    sounds like an alternative fact to me, do you have a problem with passporting rights? is it their reigion or their face cover?
    Itz becos they iz bankas

  10. #10

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    NigelJK has more data than eek


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    I've always wondered who's propping up the Euro coz someones cooking the books.

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