Nightjar cpb@ wrote:
On 12/02/2015 19:54, Bod wrote:
On 12/02/2015 19:50, Adrian wrote:
On Thu, 12 Feb 2015 19:18:51 +0000, Nightjar "cpb"@ wrote:

I have been around since 1950. I have never seen people ion general
more depressed and miserable than the last 5 years.

Blame the banks that invested in toxic debts, not the EU.

A financial sector that a certain ex-commodity trader wants to
deregulate.

A financial sector that is about 10% of the country's GDP.

A financial sector that would almost certainly shift much of their
business to Frankfurt if the UK left the EU.

Why?

Under EU regulatory rules, banks from outside the EU that wish to sell
services to consumers must have a branch within the EU. Many of those
are currently in London and would have to move. Almost 30% of UK banking
assets are foreign banking assets. The ECB would also almost certainly
force clearing houses that deal in Euro dominated trades to relocate
into the eurozone.


AIUI, there are various clearing houses around the world. Don't
fancy the EU's chances of telling China and the USA what to do. Also,
creates real problems for Santander. Boris Johnson doesn't see it as a
problem, I'd guess his expertise is rather better than yours.