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11 December 2015

Finance on Friday - 11th December

This week's chat included four main areas: Brexit, Banking Union, payments and CMU.

Graham Bishop and Nick Crosby of Cambre Associates discuss four main topics:

Brexit: Council President Donald Tusk responded to Cameron's letter on the issue of a UK in/out referendum, and it was clear that there's only one difficult issue; the one about social benefits for immigrant workers. Graham Bishop calculated the cost of in-work benefits and found it extraordinary that Cameron is proposing to leave the EU just to save 0.1% of GDP. They also talked about a report on the total tax contribution of UK financial services published by the City of London, showing that if the City moved abroad due to a Brexit, this would have a dramatic impact in the Government's own finances.

Banking Union: the Single Resolution Mechanism will be coming into force next year. The EBA issued a report on 19 recovery plans across the EU comparing scenarios in a benchmarking exercise aimed at supporting national competent authorities and institutions. 

Payments: the EPC and the ERPB came out with plans for a instant credit transfer scheme and want to publish a Rulebook on November 2016.

CMU: the European Council and ECOFIN agreed on the Commission's proposal for simple and transparent securitisation (STS). The Council agreed with the Parliament on tougher rules aimed at preventing the manipulation of market benchmarks.


© Graham Bishop

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