Not quite, not really:
Standard Chartered is taking a $700m annual hit on its bottom line as a result of being based in the UK, it can be disclosed.
The Asian-focused bank, which is headquartered in London, is booking the hit to profits as the result of the bank levy, the cost of funding and other regulatory costs.
The bank evy is a little different from the other things. The bank levy is the cost of purchasing government deposit insurance on those deposits (to the bank, liabiities) which are not covered by other schemes. This, at least presumaby, has vaue to the bank as it reduces the cost of the bank of those funds.
I don\’t doubt that there are stupid costs which have been loaded onto them for being UK domiciled but the banking levy is rather over egging that particular pudding.