Are we still a European force?

[User removed 4]

As a follow up to this there was a British chap from NordDeutche Landesbank called called Tom Brown on telly last night. He was saying that his great fear is that London could loose a lot of it's european 'tradtional' and 'vanilla' banking which contributes a fair chunk to the square mile. He made a distinction between vanilla and other banking and said that Cameron was only looking out for the latter. He alluded that whilst London could become a centre of excellence for some sectors of banking a lot of foreign banks, a sizeable chunk, who do regular stuff will see no point having a base in the square mile.

Why do you think they have a base now ?

 

[Herr Tubthumper]

Why do you think they have a base now ?

Vanilla banks? Because the UK is a gateway to Europe, with influence on the euro sector, according to Mr Brown. When the new pact is formed this will not be the case.

 

[Herr Tubthumper]

Why do you think they have a base now ?

Anyway, I'm not talking about now. It's the future i'm concerned about. And I'm concerned that Cameron is focussing on only one part of the UK economy and even then only a sub-sector of it. And a sector which caused us the bloody problems in the first place. It does not make sense, I can only conclude that he is kowtowing to his family, friends and the sector which gives his party 50% of its funds. It stinks.

 

[beorhthelm]

Vanilla banks? Because the UK is a gateway to Europe, with influence on the euro sector, according to Mr Brown. When the new pact is formed this will not be the case.

even the for likes of BNP Paribas, Societe Generale and Deutsche bank who have large London operations? and again, we haven't left the EU so there's no change to the status quo. we dont even know if a pact will be created, there are obstacles (French and Germans still need to agree, and others might balk at whats agreed).

 

[Herr Tubthumper]

even the likes of BNP Paribas, Societe Generale and Deutsche bank who have large London operations?

Funnily enought all these banks were brought up yesterday as examples of banks which may look to shft operations. I also understand that Deutshe bank is the biggest banking employer in the city.

 

[Herr Tubthumper]

and again, we haven't left the EU so there's no change to the status quo

If a pact is formed then we will not have a vote (or a veto). We will not be shaping and influencing european decisions. We will be members in name only.

 

[User removed 4]

Anyway, I'm not talking about now. It's the future i'm concerned about. And I'm concerned that Cameron is focussing on only one part of the UK economy and even then only a sub-sector of it. And a sector which caused us the bloody problems in the first place. It does not make sense, I can only conclude that he is kowtowing to his family, friends and the sector which gives his party 50% of its funds. It stinks.

The reason these banks are here is nothing to do with us being a member of the EU.

 

[Chicken Runner61]

Whilst we are on the subject of banks this is a list of the banks who get fried if Europe goes bang
It runs from 20 down to the biggest hit!
#20 Barclays
#19 Societe Generale (France
#18 SNS Bank (Netherlands)
#17 Allied Irish Banks (Ireland)
#16 KBC Bank (Belgium)
#15 BNP Paribas (France)
#14 Landesbank Baden-Wurttemberg (Germany)
#13 Bank of Ireland (Ireland)
#12 Commerzbank (Germany)
#11 DZ Bank (Germany)
#10 UBI Banca (Italy)
#9 Banco Santander (Spain)
#8 UniCredit (Italy)
#7 Banco Popular Espanol (Spain)
#6 Intesa Sanpaolo Group (Italy)
#5 Banca Popolare (Italy)
#4 Banco Comercial Portugues (Portugal)
#3 Dexia (Belgium)
#2 BBVA (Spain)
#1 Banca MPS (Italy)

 

[User removed 4]

If a pact is formed then we will not have a vote (or a veto). We will not be shaping and influencing european decisions. We will be members in name only.

We werent shaping or influencing them anyway for fucks sake, you just dont get it do you? if we were they would have backed down in their demands for a tax that would substantially damage one of the main components of our GDP.

 

[Titanic]

We werent shaping or influencing them anyway for fucks sake, you just dont get it do you? if we were they would have backed down in their demands for a tax that would substantially damage one of the main components of our GDP.

Apart from the immoderate aspersions.... THIS.

 

[Curious Orange]

I've been keeping an eye on the thread and on the news too to see if I can understand what is going on... and as far as I can tell this "accord" that is being worked on has now officially got bugger all to do with the EU.

So it seems to me that there is no reason why the UK's influence within the EU would be affected by this accord coming about as the status quo is maintained. Okay, so we won't have any influence over what happens with the Euro... but did we have any to start with given that we don't use it as our national currency?

 

[Herr Tubthumper]

The reason these banks are here is nothing to do with us being a member of the EU.

Okay, I'll bow down to your view over that of a senior member of a major city bank. After all, by your own admission, you have all the skill of a bingo caller

 

[Chicken Runner61]

We werent shaping or influencing them anyway for fucks sake, you just dont get it do you? if we were they would have backed down in their demands for a tax that would substantially damage one of the main components of our GDP.

Possibly - but then you must think that the banks currently here are only here because a tax is imposed elsewhere?

 

[Curious Orange]

Possibly - but then you must think that the banks currently here are only here because a tax is imposed elsewhere?

By dint of not being part of this accord will the UK not effectively become a tax haven, but one with full access to the single market?

 

[Herr Tubthumper]

We werent shaping or influencing them anyway

What on earth have we been doing at Brussels then? Of course we have shaped and influenced decisions.

 

[Titanic]

What on earth have we been doing at Brussels then? Of course we have shaped and influenced decisions.

about the euro? and management/regulation of economies within the euro zone? Why would they listen to us?

 

[Chicken Runner61]

I've been keeping an eye on the thread and on the news too to see if I can understand what is going on... and as far as I can tell this "accord" that is being worked on has now officially got bugger all to do with the EU.

So it seems to me that there is no reason why the UK's influence within the EU would be affected by this accord coming about as the status quo is maintained. Okay, so we won't have any influence over what happens with the Euro... but did we have any to start with given that we don't use it as our national currency?

As I understand it we can have a say in the Euro so long as we are at the table. Obviously the nations that use the Euro are going to have a final say over us as its not our currency but thats not to say we don't get heard or taken notice of.

If we were involved we might be able to influence what happens about the financial tax but now they will be able to implement changes around us.
Basically if you are not at the table you won't see the menu let alone get to choose the meal.

26-1 is not a good score to come home with

 

[narly101]

By dint of not being part of this accord will the UK not effectively become a tax haven, but one with full access to the single market?

appears to to be the correct answer, from what I've read about the Fiscal Compact (FC). One really pessimistic viewpoint is that the FC will provide 500bn Euro funding to assist a nation if it gets into diffifulty. If Italy can't sort out its budget deficit now, then 500bn euros will only last 14 months in Italy alone before its gone.

I personally think we're better off out.

 

[Curious Orange]

26-1 is not a good score to come home with

That rather depends on whether this accord to prevent something happening in the future has any affect on saving the Euro now. To be honest I rather have my doubts that it will given that members of the Euro have traditionally ignored rules of membership of that currency when it suited them.

 

[User removed 4]

Okay, I'll bow down to your view over that of a senior member of a major city bank. After all, by your own admission, you have all the skill of a bingo caller

The fact you class norddeutsche as a " major city bank " speaks volumes about your knowledge of the city.