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What now for the EU ?

BobbHope

War Hero
Don't need to catch them all, just at a steady enough rate to be a real deterrent. And preferably deep in what will be UK waters, so they can't plead minor navigational error.

After a number of trawlers get impounded, the number trying it on will drop off.

It would also be prudent for UK trawlers to stay well away from EU waters - Marcon in particular will be itching to impound them in retaliation.

Wordsmith

I hope you're correct. Fishery protection patrols in the early 90's, catch a Spanish or French trawler bang to rights. Double netting or hidden over quota fish. Arrest and escort to somewhere like Dover for a court appearance. Result! Big 20 or 30 thousand pound fine and/or nets confiscated. Then find out the fines are all paid from their home port's central fund. Obviously the profits outweighed the risks. Hopefully these slush funds will be diminished.
 
I hope you're correct. Fishery protection patrols in the early 90's, catch a Spanish or French trawler bang to rights. Double netting or hidden over quota fish. Arrest and escort to somewhere like Dover for a court appearance. Result! Big 20 or 30 thousand pound fine and/or nets confiscated. Then find out the fines are all paid from their home port's central fund. Obviously the profits outweighed the risks. Hopefully these slush funds will be diminished.

the Falkland Government have refined squeezing the pips of foreign trawlers to a fine art.

Fail to register when you arrive on the fishing grounds? Fined
Fail to notify starting to fish? Fined
Fail to notify finished fishing? fined.
Fail to notify when you leave the fishing grounds? Fined
any transgression, even the most minor attracts fines, and their fishery protection assets are very diligent.

Hopefully HMG will follow the very robust FI regime.
 
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lecky

War Hero
Reality bites.
The EU have told the European Banks that they can carry on using London's Clearing houses for a while yet.
More like their Banks told the EU Politicians that they need to use London, which handles 90+% of such transactions for the Continentals, as there's no viable alternative in the EU.

Their Banks are under instruction from the Politicians to reduce their Reliance on London over the next18 Months
I wonder where they'll do that from...Frankfurt, Paris, somewhere else?
18 Months to build up critical mass to overtake London as a World Financial centre?
Wow!

No, actually...Bollox, No chance!
 
Reality bites.

The EU have told the European Banks that they can carry on using London's Clearing houses for a while yet.

More like their Banks told the EU Politicians that they need to use London, which handles 90+% of such transactions for the Continentals, as there's no viable alternative

No, actually...Bollox, No chance!

Reality hits home, quelle surprise....

JB
 
Hard to believe, isn't it:


Project fear reckoned we'd lose 100,000 financial sector jobs if we voted to leave the EU.


The lies Remain told us are somewhat watered down by reality.
 

Grownup_Rafbrat

LE
Book Reviewer
Because the fishing industry is not evenly spread - Austria for example is totally landlocked, while the Italian fishing fleet is largely confined to the Mediterranean. It will primarily affect countries with an Atlantic or North Sea coast; Portugal, Spain, France, Belgium, Holland and Denmark.

https://britishseafishing.co.uk/brexit-and-britains-fisheries/

Plus:


The nations that would be especially hit are:

https://marinedevelopments.blog.gov.uk/2018/09/27/mmo-fisheries-statistics-2017-eez/


The UK fishing industry has been stiffed by the EU. If we regain full control over our waters, the EU loses about 575,000 tones of catch which will put many EU trawlers out of business. That almost matches the catch the UK takes in its own waters.

https://marinedevelopments.blog.gov.uk/2018/09/27/mmo-fisheries-statistics-2017-eez/


Looking at this over-simplistically, UK fishermen could be allocated about 300,000 tons of extra catch, while still reducing the overall catch by 275,000 tons, allowing fish sticks to slowly recover.

The EU is looking at losing 10% of its current total catch of 6 million tons. Given that the EU also fishes in the Mediterranean and Baltic, I'll guess that the fishing fleets that fish in UK waters are looking at losing between 20% to 25% of their potential catch. They'll be decimated, while watching the UK fleets prosper.

In addition, the EU is - potentially - watching sustainable fishing introduced to UK waters; which in turn will put the EU under pressure to do the same. But it won't. It'll rape it own waters to keep the fishing fleets in business, which will end up with overfished areas without fish stocks.

Why is the EU screaming? Because it was doing very well indeed out of UK waters - and that is about to end.

Wordsmith
We can make them pay for a tiny quota from our sustainable limits. 350 million a week, perhaps?
 

Auld-Yin

ADC
Kit Reviewer
Book Reviewer
Reviews Editor
We can make them pay for a tiny quota from our sustainable limits. 350 million a week day perhaps?
Preferable, to make up for all the sh!t we have had to take from this crew of wasters. Also as fair returns for.having to listen to tossers like Barnier and Guy verhofshit for the last 4 years.

Bye EU, we will miss you.

Like syph.
 

Wordsmith

LE
Book Reviewer
We can make them pay for a tiny quota from our sustainable limits. 350 million a week, perhaps?

It looks like we'll be adding £300+ million annually to our UK catch, which will be a small but useful reduction in our balance of payments deficit with the EU. Plus possibly £50 million from selling fishing licenses to the EU.

There will be employment for some tens of thousands in our fishing ports and in the fish processing industries, reducing our public spending a fraction, while the EU will have the reverse problems; idle trawlers and processing plants and fishermen on the dole.

Could also be a boost for the railways; Norway is good at moving fish fast by them.

https://salmonbusiness.com/rail-freight-an-important-partner-for-norways-seafood-export-industry/
Yearly the train transports 25,000 containers of fish from the city of Narvik via Sweden to Oslo. The journey takes 26 hours in total, and during that time seven drivers will each drive a segment of that journey.

That's a million tons of fish, much exported by Norway as fish products around the world. Now, if network Rail wises up and starts talking to the fishing industry...

The fishing industry is small in the overall scheme of things, but big improvements are often made of of many smaller ones. Add in the other Brexit benefits and and the UK's economic future starts to look a little brighter.

Wordsmith
 

lecky

War Hero
Hard to believe, isn't it:

JPMorgan employees who work in areas including sales and trading will need to sign new contracts and prepare to relocate in time for Jan. 1, the people said. Employees will move to cities including Paris, Frankfurt, Milan and Madrid and be given six months commuting and accommodation support plus help with language courses, the people said.

Yeah....I'll bet they'll have their staff and their families falling over themselves to volunteer for that one?
Told to shuffle off to backwaters where nobody speaks the lingo...all before Christmas?
They're not even bothering to concentrate just 200. They're spreading them out over 4 or more comparatively tiny financial centres.
I bet the....the City must be bricking it. :rolleyes:
 
Reality bites.
The EU have told the European Banks that they can carry on using London's Clearing houses for a while yet.
More like their Banks told the EU Politicians that they need to use London, which handles 90+% of such transactions for the Continentals, as there's no viable alternative in the EU.

Their Banks are under instruction from the Politicians to reduce their Reliance on London over the next18 Months
I wonder where they'll do that from...Frankfurt, Paris, somewhere else?
18 Months to build up critical mass to overtake London as a World Financial centre?
Wow!

No, actually...Bollox, No chance!

The "clearing house" question is quite interesting.

The EU position is that the majority of EU denominated derivatives (mostly interest rate swaps) should be cleared within the EU and the clearer should be oversighted by an EU based regulator (they've suggested the ECB).

There are a couple of problems with that:
  • Japan tried the same thing different reasons. What resulted was a vast, offshore "dark pool" of yen (for both FX and derivatives) that had more liquidity than the local market. The reason for the higher liquidity is that offshore clearing houses provide netting facilities, whereby asset and liability positions are netted, irrespective of their nature (so long as they are deemed eligible assets by the clearing house and regulator). Thus, a bank with derivative (or cash) positions in multiple currencies across multiple asset classes only needs to deal with the credit position arising from a single, netted, position in the currency of their choice. The result is that clearing yen offshore is cheaper than clearing yen onshore in Japan. For swaps, it's quite a significant number. For the EU as a whole, it would be a very significant cost to EU businesses, putting them at a further disadvantage; and
  • the EU simply does not have the regulatory competence to oversight clearing. Strange though that may sound, it's true. The most capable is BaFin (German regulator), and yet the global lead regulator for Deutsche Bank is the UK FCA (as an SEC imposed settlement requirement arising from their frequent breaches of AML law and lack of supervisory competence).

There is nothing the EU can do to prohibit UK based firms clearing Euro denominated positions, as evidenced by the Japanese experience. There is, however, a good deal the the UK can do (and, possibly, should do) to restrict EU based banks accessing clearing (i.e. apply greated supervisory oversight than EU MS domestic regulators currently apply, particularly as it relates to solvency (itself a subset of credit risk)).
 
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I bet the....the City must be bricking it. :rolleyes:

No, it'll be the husbands/wives who work in the City who'll be bricking it.........when they have to go home and tell their other half that John/Jane needs to be pulled out of school and relocated, and they have to find another school in a foreign country before Christmas. Good luck with that.

As for JP Morgan relocating 200 employees to the EU, that represents 1.25% of their UK headcount. Quite the exodus!
 
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I can't get out fishing, so instead I've been researching the interaction of EU law and international law, particularly as it relates to ECJ judgements.

The following article is quite heavy going, but bear with it and it provides some interesting insight into the judicial activism of the ECJ, and the inconsistancy of its judgements with respect to international law.

The punchline is that, as set out previously, the EU sees itself above international law where international law conflicts with EU law.

 

syrup

LE
JPMorgan employees who work in areas including sales and trading will need to sign new contracts and prepare to relocate in time for Jan. 1, the people said. Employees will move to cities including Paris, Frankfurt, Milan and Madrid and be given six months commuting and accommodation support plus help with language courses, the people said.

Yeah....I'll bet they'll have their staff and their families falling over themselves to volunteer for that one?
Told to shuffle off to backwaters where nobody speaks the lingo...all before Christmas?
They're not even bothering to concentrate just 200. They're spreading them out over 4 or more comparatively tiny financial centres.
I bet the....the City must be bricking it. :rolleyes:


Paris, Frankfurt, Milan and Madrid

Just how does someone move lock stock and barrel to areas under lockdown in the middle of a global pandemic?
 
The "clearing house" question is quite interesting.

The EU position is that the majority of EU denominated derivatives (mostly interest rate swaps) should be cleared within the EU and the clearer should be oversighted by an EU based regulator (they've suggested the ECB).

There are a couple of problems with that:
  • Japan tried the same thing different reasons. What resulted was a vast, offshore "dark pool" of yen (for both FX and derivatives) that had more liquidity than the local market. The reason for the higher liquidity is that offshore clearing houses provide netting facilities, whereby asset and liability positions are netted, irrespective of their nature (so long as they are deemed eligible assets by the clearing house and regulator). Thus, a bank with derivative (or cash) positions in multiple currencies across multiple asset classes only needs to deal with the credit position arising from a single, netted, position in the currency of their choice. The result is that clearing yen offshore is cheaper than clearing yen onshore in Japan. For swaps, it's quite a significant number. For the EU as a whole, it would be a very significant cost to EU businesses, putting them at a further disadvantage; and
  • the EU simply does not have the regulatory competence to oversight clearing. Strange though that may sound, it's true. The most capable is BaFin (German regulator), and yet the global lead regulator for Deutsche Bank is the UK FCA (as an SEC imposed settlement requirement arising from their frequent breaches of AML law and lack of supervisory competence).

There is nothing the EU can do to prohibit UK based firms clearing Euro denominated positions, as evidenced by the Japanese experience. There is, however, a good deal the the UK can do (and, possibly, should do) to restrict EU based banks accessing clearing (i.e. apply greated supervisory oversight than EU MS domestic regulators currently apply, particularly as it relates to solvency (itself a subset of credit risk)).

Anyone hear that whistling sound?

Don't worry I understood the good news bit, that the EU is in the shitter.
 

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