Irish assets worth 100 billion euros leave London due to Brexit

reuters.com ^ | MARCH 18, 2021 | Reuters Staff

[Berlin_Freeper]

LONDON (Reuters) - Securities settlement for Irish assets worth more than 100 billion euros ($119 billion) has left London for the European Union in the latest adjustment in markets to Brexit.

Pan-European exchange Euronext, which runs the Irish stock exchange, said on Thursday it had completed the migration of securities settlement for 50 Irish companies from Crest in London to Euroclear Bank in Brussels from March 15.

[Jonty30]

Britain can stop sending any money to Northern Ireland now.

[alexander_busek]

So, what amounts to a personal check written in the amount of €100 billion - but backed by essentially nothing more than the "good faith and trust" in the European Union - has been transferred from a drawer in London to a drawer in Brussels.

Big deal!

Regards,

[caww]

Sounds like Bidens stimulus to Americans while he sets up the forthcoming raise in tax's.

[mac_truck]

The pettiness of the Europeans extends beyond vaccines.

[Cronos]

You do realise the article is talking about Republic of Ireland assets, right?

The RoI is an independent country. Northern Ireland is, for now, a part of the United kingdom of Britain and Northern Ireland

[Jonty30]

Yes, I am aware of the division between Northern Ireland and the Republic of Ireland.

The EU is trying to bankrupt Britain by pulling as much financial assets out in order to convince Brits to rejoin.

[Cronos]

Not really

1. The EU rules are that Settlement of EU securities must take place in a central securities depository (CSD) inside the bloc. That’s the same as settlement of American securities.

2. Also London based banks will be an external party, so delays in certain banking needs. It would be like letting London banks have full access to the American market.