George Hay coordinates European financial coverage and writes about macroeconomics, the euro zone and UK/European financial policy. He covered European banks for Breakingviews during the financial crisis, and has also worked as a correspondent for AFX News and at United Business Media. He attended Edinburgh University and his work has been recognised at the UK’s Business Journalist of the Year Awards. Follow George on Twitter @gfhay
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France objects to Britain adopting its own extra-tough bank structural reform, reports say. But there’s little to gain from ring-fencing retail lenders, and a flexible UK can negotiate a better deal with Brussels. A British retreat could kill two birds with one stone.
Deutsche Bank and its rivals could move operations out of London if Britons vote to leave the EU. That would dent the main source of UK tax from the financial sector - income tax on bankers. It’s a bigger loss than reduced bank levy receipts from HSBC moving its head office.
New global standards will ask banks to trap rescue capital in the main countries where they operate. That makes sense in principle, but states in the single currency bloc deserve special treatment. With the ECB now in control, one euro zone bail-in reserve per bank would suffice.
- Barclays approaches tolerable end to FX limbo
- UK vote hands banks golden lobbying opportunity
- Second Scottish referendum looks some way off
- UK vote gives City short-term gain, long-term pain
- Britain’s Tories take prize for fiscal folly
- Commerzbank capital-raising recognises new reality
- HSBC exit from London is far from clear-cut