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Brexit: French financial regulator wooing London banks


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Old 08-12-2016, 12:29
TheEngineer
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http://www.bbc.co.uk/news/business-38245646

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.
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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Old 08-12-2016, 12:36
Doctor_Wibble
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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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Old 08-12-2016, 12:37
andersonsonson
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Moving to France, when France will also probably leave the EU, good one
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Old 08-12-2016, 12:39
James_Orton
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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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Old 08-12-2016, 12:42
Dacco
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Still who needs the banks. They only contributed £66Bn in tax in 2015
Must make sure that when they skip off over to EU they pay their full dues when trading in this country....... And Do you know who they will be doing the banking for, as most of the EU appears to be bankrupt.
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Old 08-12-2016, 12:43
FusionFury
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French fancy.
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Old 08-12-2016, 12:47
John146
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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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Old 08-12-2016, 12:48
TheEngineer
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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.
Thank you for making a sensible contribution to the debate. Why do you think the banks are looking at other countries if they could operate under MIFID II?
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Old 08-12-2016, 12:48
trevgo
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Usual flippant, yah-boo response from the unthinking brigade.

Sick making.
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Old 08-12-2016, 12:49
peter05
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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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Old 08-12-2016, 12:49
James_Orton
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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! ]
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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Old 08-12-2016, 12:51
James_Orton
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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
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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Old 08-12-2016, 12:53
allaorta
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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.
It's not the banks or financial centre he's after, it's the best part of a quarter of a million bright French people who jumped ship to work in London. Sarkozy tried getting those people to vote for him with promises that he would improve the business structure in France. I think there are even more over here now than 8 or 10 years ago.
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Old 08-12-2016, 12:55
allaorta
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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?
No, that was Trevgo and Aurichie.
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Old 08-12-2016, 12:57
John146
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No, that was Trevgo and Aurichie.
Ooohhh sorry, they aren't bank managers are they?
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Old 08-12-2016, 12:58
Peter the Great
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Moving to France, when France will also probably leave the EU, good one
This has to be the most delusional post I have seen on here for some time?
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Old 08-12-2016, 12:58
trunkster
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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.
Exactly, it's not going to happen.
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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Old 08-12-2016, 13:01
allaorta
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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.
Dublins another place of home to thousands of French bright boys and girls. They moved from France because of the French governments crap ideas about how business should be run.
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Old 08-12-2016, 13:03
Dacco
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Usual flippant, yah-boo response from the unthinking brigade.
No way to talk of your fellow Remoaners.
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Old 08-12-2016, 13:11
jmclaugh
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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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Old 08-12-2016, 13:12
Rooks
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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.
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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Old 08-12-2016, 13:25
paulschapman
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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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Old 08-12-2016, 13:28
LostFool
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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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Old 08-12-2016, 13:34
allaorta
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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.
Consecutive French governments have stifled business, employment and entrepreneurship in France, that's why so many have cut and run to countries all around the world. They now find themselves short of the very people they need.

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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Old 08-12-2016, 13:36
alan29
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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.
HSBC = Hong Kong and Shanghai Banking Corporation, not the Heidelberg and Karlsruhe Banking Corporation.
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