Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Sunday, September 23, 2018 03:50:08 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

German banks warn of `Brexit’ chaos in European capital markets

By
13th-Sep-2018       
Comments
Share your thought
Post a comment »
Read all () »

Xinhua, Berlin :
German banks warned on Tuesday that a disorderly British exit from the European Union (EU) could cause chaos on European financial markets.
There would be "upheaval on European capital markets, not just in London but also in Frankfurt, Paris and Amsterdam" if Britain crashes out of the bloc without a deal in March 2019, Andreas Krautscheid, president of the German Banking Association (BdB) told the newspaper group Redaktionsnetzwerk Deutschland (RND).
"Brexit is occupying most of our member banks and all of them are becoming increasingly worried," Krautscheid added.
The need to treat a former EU member United Kingdom differently with regards to data management in particular posed a threat to the current interconnectivity of British and European banking systems.
The BdB president noted that a large number of complex financial transactions were completed between the United Kingdom and mainland Europe every day with millions of related datasets transferred from London to the continent.
"Without a Brexit agreement or transition agreement all of these channels would have to be closed from one day to another in late March because the EU's General Data Protection Regulation (GDPR) does not allow for data exchanges with third countries," Krautscheid explained.
The BdB warning comes shortly after German finance minister Olaf Scholz told banking industry representatives in Frankfurt that a disorderly Brexit could spark a new financial crisis in Europe.
Scholz cautioned that it was still "difficult to say whether (a post-Brexit agreement) can be reached" before March 29th 2019 when the United Kingdom formally ceases to be an EU member.
As a consequence, the German minister recommended to German business leaders to make the necessary preparations for a chaotic split between London and Brussels before it was too late.
However, German Chancellor Angela Merkel has recently drawn attention to potential competitive advantages which domestic bankers could secure thanks to the United Kingdom's departure.
Merkel announced that her government would change national labor laws in order to enable financial institutes to attract highly-salaried staff from London and support a French bid to strip Britain of the right to conduct lucrative Euro-clearing activities on its soil after Brexit.
"Politically, I can easily explain that Euro-clearing must take place within the Eurozone and in that case, Frankfurt is certainly an excellent location," Merkel said.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

CPJ reveals weakness of journalists by appealing to President


THE Committee to Protect Journalists (CPJ) in a letter to the Bangladesh President has expressed deep concern about the Digital Security Act 2018, which was passed by the Parliament on September 18, and urged him to return it to Parliament for a review afresh.   If this legislation was allowed to ...

International »

Modi faces calls for resignation over French jet deal


Reuters, New delhi :Indian Prime Minister Narendra Modi faced calls for his resignation over allegations of corruption in a military jet deal with France after former French president Francois Hollande was quoted as saying New Delhi had influenced the choice of a local partner.Indian political parties have been gunning for ...

International »

US official in Russia probe suggested taping Trump: Report


Reuters, Washington: The US official who oversees the federal investigation into Russia's role in the 2016 U.S. election suggested secretly recording President Donald Trump last year and recruiting Cabinet members to invoke a constitutional amendment to remove him from the White House, the New York Times reported on Friday.Deputy Attorney ...

Football »

Tabarez renews with Uruguay until Qatar World Cup


AFP, Montevideo :Despite failing health the veteran coach Oscar Tabarez has signed a four-year contract extension to remain at the Uruguay helm until the end of the 2022 World Cup in Qatar, the South American country's football federation said on Friday.Tabarez, who suffers from a nerve disorder that forces him ...

City »

People of the Shia community brought out a Tazia procession in the city on the occasion of Holy Ashura. The snap was taken from Azimpur area on Friday.


Entertainment »

Rishi Kapoor, Juhi Chawla to reunite for a comedy The film will reunite Kapoor and Chawla 22 years after their last film 'Daraar'


Frequent collaborators Rishi Kapoor and Juhi Chawla will reunite for a family comedy produced by Sony Pictures International and MacGuffin Pictures, reported Variety.The untitled film will be co-written by Hitesh Bhatia and Supratik Sen (Parched, Kai Po Che!), and directed by Bhatia. The film will reunite Kapoor and Chawla 22 ...

Editorial »

Rohingya crisis: UN is helpless without active cooperation of int'l community


THE United Nations was established with a mission to stop brutality and promotion of human rights across the globe but at present is apparently helpless to stop the Myanmar military atrocity on Rohingya ethnic community. Though the Universal Declaration of Human Rights, International Covenant on Civil and Political Rights, the ...

Cricket »

India rout Pakistan by eight wickets in Asia Cup


AFP, Dubai :India crushed Pakistan by eight wickets in their long-awaited Asia Cup match which failed to live up to its hype in Dubai on Wednesday.Pace spearhead Bhuvneshwar Kumar (3-15) and part time off-spinner Kedar Jadhav (3-23) sent Pakistan, who won the toss and batted, collapsing to just 162 all ...

Football »

We aim to play SAFF U-16 Women's final: Choton


Bangladesh U-18 national women's football team head coach Golam Rabanni Choton said they aim to play the final of the SAFF U-18 Women's Championship which is scheduled to be held from September 28 to October 7 in Thimpu, Bhutan.He was speaking at a pre-departure press conference on Thursday at the ...

International »

US-North Korea relations making 'tremendous progress': Trump


President Donald Trump on Wednesday said US relations with North Korea are making "tremendous progress" from the days before his presidency when the two countries appeared close to "going to war."Trump said a recent letter from North Korean leader Kim Jong Un confirmed the positive track, which he said has ...

City »

Newly elected executive members of Bangladesh Photo Journalists Association paid a courtesy call on Shipping Minister Shajahan Khan at his ministry on Thursday.


Entertainment »

Not always necessary to do issue-based films: Yami Gautam


Actress Yami Gautam, who stars in Batti Gul Meter Chalu, says it is neither necessary nor possible for an actor to do issue-based films all the time. Yami was interacting with the media here on Wednesday at a promotional press conference of the film that releases on Friday. She was ...

Football »

Japanese MMA star Norifumi 'Kid' Yamamoto dies at 41


Tributes flowed Wednesday for charismatic Japanese Mixed Martial Artist ( MMA) Norifumi "Kid" Yamamoto, who died at age 41, three weeks after announcing a battle with cancer.Born to a family of wrestlers and martial artists, the wiry, tattoo-covered Yamamoto took on larger opponents in a wide range of MMA events, ...

Editorial »

Ecological danger for destroying forest by Rohingyas


A STUDY has revealed that 4,300 acres of hills and forests have been razed in Cox's Bazar to set up refugee camps and cooking fuel for Rohingyas who fled ethnic cleansing in Myanmar. Quoting the study, news media reported that about 3,000-4,000 acres of hill land at Teknaf and Ukhia ...

International »

Kim agrees to dismantle main nuke site if US takes steps too


AP,  Pyongyang :The leaders of North and South Korea announced a wide range of agreements Wednesday which they said were a major step toward peace on the Korean Peninsula. But the premier pledge on denuclearization contained a big condition, with North Korean leader Kim Jong Un stating he'd permanently dismantle ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news