Are we reaching the FO point again?

Another policy that has riled international banks operating in both jurisdictions is the European Central Bank (ECB)’s so-called desk-mapping review. Eight banks were last month ordered by the ECB to relocate staff out of London to the likes of Paris, Frankfurt and Dublin.

The central bank identified 56 groups of traders it said should be doing their jobs from within the EU following a lengthy investigation into whether institutions are seeking to dodge post-Brexit rules.

There is actually a point at which – whoever it is and whatever they’re trying to do – the correct response is just “Fuck Off”.

The EU is trying to determine which damn desks people use to bank from?

Seriously no, Fuck Off.

9 thoughts on “Are we reaching the FO point again?”

  1. The traders themselves are liable to sort this one out. Given the choice of working in Frankfurt, London or Paris they (and by “they” I mean the French and German traders working in London) are going to get pretty creative about how they are going to mix things up so that the work remains in London where they have so many more potential employers.

  2. Andy F

    The Traders themselves as you rightly point out are unlikely to go anywhere (I work for one of the banks in scope and only ‘older’ traders who would have moved anyway took the opportunity to go to Paris) Ironically Some support staff have been moved not to Paris or Frankfurt but to Warsaw (not the ECB’s preferred destination even if it is in the bloc!!) which is a lot cheaper and paradoxically a country, particularly since the invasion of Ukraine but even prior to that rather less than impressed with Macron and the EU’s pathetic posturing. Defence concerns and remittances means ‘Polexit’ is very unlikely but if the ECJ keeps insisting EU Law is paramount then it’s a slim possibility.

  3. Time to leave NATO. Let the continental countries bugger about as they like; not our problem. After all Putin probably wouldn’t cross the Rhine – France has nukes.

  4. Even when the EU didn’t mandate moving jobs from Britain, European companies did it for them by taking over companies and then closing the British factories.

  5. @dearieme
    Then the Balts would be Russia. You think Germany/France/ Italy would lift a finger?

  6. “You’re persuading me that Oz should have its own nuclear weapons.”

    When we lived there I routinely told the natives that of course a sparse population of technically advanced people should build nukes if only to defend themselves from Indonesia, never mind people from further afield.

    The response was dimwitted outrage. I can’t remember one person who engaged with the point, pro or contra. They preferred to discuss sport.

    It’s a wonderful country but several of my more intellectual friends emigrated perhaps in search of more interesting conversation.

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