On 12/02/2015 23:31, Rod Speed wrote:


"Nightjar.me.uk" "cpb"@ insert my surname here wrote in message
...
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.

That isn't the same thing as shifting much of their business to Frankfurt.

Not as long as London stays within the EU, although, if we left, they
might choose Paris instead of Frankfurt.

Many of those are currently in London and would have to move.

Nope, just have a branch within the EU.

After which, the branch in London is unlikely to be needed.

Almost 30% of UK banking assets are foreign banking assets.

But not necessarily EU assets.

Not EU assets at all, which is why the foreign banks would need to move
them to an EU country.


The ECB would also almost certainly force clearing houses that deal in
Euro dominated trades to relocate into the eurozone.

Bull****.

The British Government is already in dispute with the ECB over its
location policy and is taking it to the European Court of Justice over
it. If we leave the EU we would have no say in the matter.


--
Colin Bignell