Posted on 11/13/2020 1:24:05 AM PST by Cronos
Germany is the most popular EU destination for banks leaving London following Brexit, with financial institutions expected to move €675 billion in assets and create 2,500 jobs, the Bundesbank said Monday.
The German central bank expects lenders to transfer €397 billion more than the €278 billion it has already moved from Britain post-Brexit, it said in a study, as negotiations intensify surrounding the conditions for the UK's new relationship with the European Union.
The European Central Bank estimated in August 2019 that €1.3 trillion in assets would be transferred to the eurozone from Britain ahead of Brexit.
.. The Bundesbank study confirms banks' preference for Germany as a base for operations away from London, estimating a total of €675 billion in relocated assets.
By comparison, around €150 billion of assets will be moved to France by the end of the year, France's central bank governor said.
Sixty-four financial institutions have applied for banking licences in Germany, with 40 so far having been approved, and the remainder pending.
Financial institutions moving operations out of the City of London should boost bank workforces in Germany by as many as 2,500 positions.
US bank JP Morgan said in September it would shift some €200 billion from the square mile to Frankfurt, which would make it one of Germany's biggest lenders by assets.
(Excerpt) Read more at thelocal.de ...
The intent has always been to drain Britain for the benefit of the continent.
The jobs moving are from the euro clearing house area
Yes. The intent was to lock Britain into the EU by spreading its industries throughout Europe. If it had succeeded,than leaving the EU would have meant abandoning those industries in the EU.
The Canaries, Martinique and Guadeloupe arent getting the cruise ships...
Concentrating puppet power centrally
I still think Britain will be forced back into the E.U. The globalists had a few setbacks, but they are back on the offensi ve.
England-Wales will not be back in the EU in this decade. There’s no easy path back in a shorter time
excerpt: "Luxembourg has built on its strengths in private banking, investing, insurance and corporate lending developed over the past half-century as it moved away from a predominantly industrial economy. Banks JPMorgan, UBS, Credit Suisse, Lloyds Banking and Citibank have plans to move some London operations to the Grand Duchy."
"Big asset managers turning to Luxembourg include M&G, Janus Henderson, Fidelity, Columbia Threadneedle and the asset management arm of UK insurer Prudential. Specialist insurers, for shipping or property, number FM Global, Tokio Marine, Liberty Specialty Markets and Hiscox. There have been other notable decisions, such as CIBC Canada using it as its base for its capital markets activity."
source: https://www-ft-com.eur.idm.oclc.org/content/f6d3b979-89c9-4efa-9cce-996b47f08880
Wanna bet!
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