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Brexit: French financial regulator wooing London banks |
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#1 |
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Brexit: French financial regulator wooing London banks
http://www.bbc.co.uk/news/business-38245646 Quote:
Some major banks are in advanced stages of planning to shift some operations from London to Paris, France's leading financial regulator has told the BBC. 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. Quote:
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.
My bolding.Still who needs the banks. They only contributed £66Bn in tax in 2015. We have that £350m a week we send to the EU. Oh wait that was already promised to the NHS, Oh and that only equates to £18Bn a year, oh and of course it wasn't really that much was it. |
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#2 |
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Join Date: Oct 2003
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Right, so the French regulator hoping to get banks to set up shop over there - or more likely shift emphasis i.e. tippex on the letterheading - tries to make it sound like a brilliant idea because apparently everyone's doing it, no really, lots of offers, big institutions, yeah the department is just snowed under...
[ *puts hand over phone* quick, make it sound like you're typing something! What? no, anything, just make typing noises! sound busy! put the knitting down! and turn off that radio! ] |
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#3 |
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Join Date: Dec 2008
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Moving to France, when France will also probably leave the EU, good one
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#4 |
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Join Date: Aug 2016
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A few points to remember.
There are 10x as many services passports issued to do business in the UK, than for the UK services business to do business in the EU. Only parts of banks will be moving as the vast bulk of the business will still be done in the UK. MIFID II along with other EU legislation allow for countries outside of the EU to gain passporting. |
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#5 |
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Join Date: Nov 2002
Location: 47°9′ S, 126°43′ W
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Quote:
Still who needs the banks. They only contributed £66Bn in tax in 2015
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#6 |
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French fancy.
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#7 |
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Join Date: May 2008
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But they have already gone haven't they, I'm sure someone posted a thread on here some months ago saying that some of the big banks were moving out if we voted to Exit the EU?
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#8 |
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Join Date: Mar 2003
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Quote:
A few points to remember.
There are 10x as many services passports issued to do business in the UK, than for the UK services business to do business in the EU. Only parts of banks will be moving as the vast bulk of the business will still be done in the UK. MIFID II along with other EU legislation allow for countries outside of the EU to gain passporting. |
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#9 |
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Join Date: Apr 2009
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Usual flippant, yah-boo response from the unthinking brigade.
Sick making. |
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#10 |
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Join Date: Nov 2008
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Brexit: French financial regulator wooing London banks
That's good, although I suspect all EU members are going to try and get all international companies to set up in the EU as they set up in the UK thinking the UK was a part of the EU, so now it is up to the UK to give all international companies sweeteners to keep them in the UK
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#11 |
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Join Date: Aug 2016
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Quote:
Right, so the French regulator hoping to get banks to set up shop over there - or more likely shift emphasis i.e. tippex on the letterheading - tries to make it sound like a brilliant idea because apparently everyone's doing it, no really, lots of offers, big institutions, yeah the department is just snowed under...
[ *puts hand over phone* quick, make it sound like you're typing something! What? no, anything, just make typing noises! sound busy! put the knitting down! and turn off that radio! ] The 3 option are really frankfurt, somewhere in Holland or Dublin. Even then these will be small subsidiary satellite premises. |
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#12 |
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Join Date: Aug 2016
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Quote:
That's good, although I suspect all EU members are going to try and get all international companies to set up in the EU as they set up in the UK thinking the UK was a part of the EU, so now it is up to the UK to give all international companies sweeteners to keep them in the UK
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#13 |
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Join Date: May 2011
Posts: 18,881
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Quote:
http://www.bbc.co.uk/news/business-38245646
My bolding. Still who needs the banks. They only contributed £66Bn in tax in 2015. We have that £350m a week we send to the EU. Oh wait that was already promised to the NHS, Oh and that only equates to £18Bn a year, oh and of course it wasn't really that much was it.
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#14 |
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Join Date: May 2011
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Quote:
But they have already gone haven't they, I'm sure someone posted a thread on here some months ago saying that some of the big banks were moving out if we voted to Exit the EU?
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#15 |
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Quote:
No, that was Trevgo and Aurichie.
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#16 |
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Quote:
Moving to France, when France will also probably leave the EU, good one
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#17 |
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Quote:
The UK is good for banking regardless of being in the EU. Our law, regulations and flexible employment laws make the UK an ideal spot.
English is the international language, and the French hate that. France despises the capitalist banks and financial services France loves over regulation. |
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#18 |
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Join Date: May 2011
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Quote:
Paris has the advantage of the euro tunnel, however employment laws are a big negative over there.
The 3 option are really frankfurt, somewhere in Holland or Dublin. Even then these will be small subsidiary satellite premises. |
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#19 |
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Join Date: Nov 2002
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Quote:
Usual flippant, yah-boo response from the unthinking brigade.
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#20 |
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Join Date: Sep 2003
Location: Devon
Posts: 47,965
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Yet more news from the OP we haven't heard more than once before from France, zzzzzzzzzzzzz.
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#21 |
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Join Date: Apr 2004
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Quote:
The UK is good for banking regardless of being in the EU. Our law, regulations and flexible employment laws make the UK an ideal spot.
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#22 |
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Join Date: Feb 2007
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Two words
'Transaction Tax' It was Britain that stopped that, partly on the grounds that 80% would be paid by Britain. With Britain leaving the EU that opposition will go. Watch how many banks will decant to the EU when it is raised again. |
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#23 |
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Join Date: May 2005
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The French are welcome to woo as much as they want (I wouldn't say no to an expenses paid wooing trip to Paris) but if I was a looking to relocate my business somewhere within the EU, France would be close to the bottom of my list. All of the businesses I have been involved with in the last 20 years have been very wary about having any kind of legal entity in France because their employment bureaucracy is legendary.
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#24 |
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Join Date: May 2011
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Quote:
The French are welcome to woo as much as they want (I wouldn't say no to an expenses paid wooing trip to Paris) but if I was a looking to relocate my business somewhere within the EU, France would be close to the bottom of my list. All of the businesses I have been involved with in the last 20 years have been very wary about having any kind of legal entity in France because their employment bureaucracy is legendary.
It reminds me of Idi Amin's ethnic clearance of Ugandan Asians, the people who ran commerce in Uganda. Some years later they offered substantial sums of mone to get the very same people back because they had not the ability within their own population. |
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#25 |
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Join Date: Nov 2007
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Quote:
Spot on. Let's also remember that when HSBC were threatening to leave the UK a few years back they were looking at Hong Kong not another EU country. They wouldn't have considered that if it was so vital to be based in the EU. The banks will probably set up smaller offices in Germany but I can't see any logical reason to set up in France above Germany.
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