No, if the Frankfurt and Paris entities are "branches" of Dublin then ultimate balance sheet risk would Ireland's as Clammy is indicating. Quite terrifying for the Irish central bankers I'd imagine given their politicians habit of unilaterally guaranteeing depositors.

It's perfectly understandable; the Tories are just looking over their shoulders at Plaid Cymru, afraid they'll take all their seats

Ah, back to Blimpo again, I see.

"no you are"

That’s not what I said.

Fcuk all if the are a wholly owned sub as the FT article suggests. The current Barclays Dublin who have had a trading presence in Dublin since the 70's and were indeed one of their major dealing rooms pre euro, are full branch and always have been. I would imagine those activities will be transferred to the new subsidiary.

There are three kinds of competent authority.
1. The CA of the member state where the registered office is.
2. The CA of the home member state
3. The CA of the host member state.

They each have slightly different responsibilities in respect of different regulation.

If was thinking post a non compliant brexit, I'm not sure the BOE and FCA will take responsibility if the regulatory regime in Dublin, Paris and Frankfurt are differant and they don't have any reporting / over sight.

It's all very well bidding for Londons business , but there's practicality to be recognised.

I am sure the CBI will be happy to be the regulatory body for this new Barclays subsidiary as they have been for any non Irish subsidiary bank domiciled in the Country as their skin in the game is defined by the liability of the entity.

It is simply untrue that Switzerland has been poor since the 13th C. Re-affirming this doesn't make the assertion any less untrue.

Your 1950s estimation however is not unreasonable in terms of recent history. Switzerland had a "good war", trading rather than fighting and with "financial services" that enabled it to hold on to gold and other deposits of Nazi and Jewish provenance.

Your original point was a typically "leaver" one, linking Swiss prosperity to two factors. Free Trade and Democracy.

I would contend that most free trade practices in the developed world, including by the Swiss, are fairly selective. Although democracy is generally a positive, I am surprised that you praise the intriguing Swiss system in particular. It comprises PR and (multi lingual) federalism. The referendum system might be harsh on minorities bit it would likely allow further EU based referenda here. Let's not get sidetracked on the wider arguments though.

As I have already pointed out there is no co-incidence of Swiss prosperity according to your own timings with either its ensuing, burgeoning free trade agreements nor with its long preceding system of government.

hypo real estate would say that's a positive change then.

I didn't say that in the first place.

Maybe they should have completed a more thorough due diligence on Depfa before going all in...... We dodged a bullet on that one.

It'll bring a lot of compliance jobs that's for sure. There's some silly stat about the FCA growth 2009-2015 that if it had continued by 2030 we need a whole new canary wharf just for them.

That's the way it's going and is one of the main reasons I got out when I did. The other was that I was going to stab one of those compliance fcukers with a Stanley knife... Ave wedge for compliance in Dublin these days 60-80K....... the fools are taking over the asylum.

Not really a surprise after they had their pants pulled down by the failure of light touch regulation. Some of the blaming was unfair and had more to do with politicians avoiding blame themselves considering the lobbied political pressure exerted to make the FSA toothless.

I think we bought it on ourselves though to be honest ....

Does that mean the CBI will have to pay those wages too ? If so expect fines and lots of them.

The CBI are in the process of increasing their work force up to just over 3000..... it will be a gradual process determined by what entities actually arrive in Dublin but they need to be in some way competitive salary wise. The real growth in the compliance sector has come from stand alone firms that outsource their services and the rule changes to firms such as I retired from, although still a Director, as to the size and scope of their departments.....

The out source sector is somewhat well paid, an old friend of mine (all be it got to a senior level), is personally taking 1-2k a day and is over subscribed and choosing who he works for....

I also think it's good that Ireland have a combined central bank and regulator still. The splitting of those functions caused many of London banks and ditto continental bank problems as it all unwound.

Depfa is still in business in Dublin fwiw. Hypo were well overextended before they bought Depfa.

The negotiations definitely not going well !

Davis threatening to renege on the already agreed "divorce fee" unless he gets the trade deal the UK deserve,

http://uk.businessinsider.com/david-dav ... ill-2018-4

Threatening to reneging on deals, that's really going to go down well, not only with the EU who must think they're dealing with a toddler at this stage, but also with all those countries the UK are going to have to negotiate new trade deals with.

The UK has always said they are inter-conditional.

There have often been suggestions of this, rather pointed ones at that. I can understand why they're wanted as a negotiating tactic, though it's both shaming we're going to refuse to honour past promises unless we get future promises we like, and the somewhat morally dubious behaviour could well impact as noted how other countries view the UK, and our reputation would I hope be worth more to us than carrying on in such fashion

Not really. If the UK threatens to default on a phase 1 or phase 2 agreement, they don't get to discuss phase 3, the trade agreement, and the transition period is cancelled, and the UK has a hard Brexit. That was the entire purpose of agreeing phase 1 and 2 in advance of any trade talks.

"Nothing is agreed until everything is agreed"

Of course we can't hand over £39 billion pounds of there's no deal, that's been bloody obvious and clear right from the start.

As always the "threats" come from a position of weakness.

In a fantasy world where we hold all the cards and trade deals are easy, why the hell shouldn't we be able to get to a stage where "substantive" detail is available.

I thought "we" were hoping for the most fudgy and vague arrangement possible anyway, so it doesn't get voted down by Parliament.

The U.K. has always made the payment contingent on further agreements. Always .

No harmony in that government. It just will not work.

It's actually a normal negotiating tactic to blame disharmony on not agreeing with the other party. The EU will do the same thing later down the line with what is and isn't acceptable to the member states.

It has always been a fudge. The UK wanted a single, combined set of talks. The EU wanted phasing. Solution was to get a number for phase 1 so everyone could move on but with the UK loudly proclaiming its all conditional on the final trade deal.

Oh well, no deal then. You can relax.

I am sorry for implying your dear Tories government were a complete shamble, an abortion of a government that in the end, will harm both the UK and the EU.

Blah blah blah. She's a shambles , but I'm not a fan of hers as I've been clear , but don't let that get in the way of your borrowed mantra.

You seriously think Davies is any better? Or that Bojo has been helpful in any way? Or Gove?

I think Davis is excellent and doing a good job.

Boris shouldn't be anything other than ideas, certainly not detailed enough.

Gove is bright and to a degree principled. Won't ever be leader of the party nor the UK though.

Fox is the problem along with his "interested" parties.

Then again the remain side has some lunatics in the party as well.

THe EU has become rotten to its core....

https://www.telegraph.co.uk/business/2018/04/12/leaked-eu-files-show-brussels-cover-up-collusion-putins-gazprom/


It is a German Ponzi scheme that bleeds the other EU members white.

The Expresses wet dream come true.

Germany and Ireland to block UK's EU exit. Some of the comments are on the scary side if you live in the UK.

https://www.express.co.uk/news/uk/94520 ... wal-treaty

That’s not what the article says.

Can't be arsed to read what looks like a typical Daily Express article - whip up anger about what bastards the EU/Europeans are.

On Brexit, the Express makes the Daily Mail look like the Economist.

This might come as a shock but Article 50 has been triggered and the UK is officially leaving the EU.