Deutsche Bank stopped in a money laundering auditor
Although Mark Carney spoke on Radio 4, the police joined the headquarters of German's largest lender, Deutsche Bank.
According to local reports, prosecutors are searching for Deutsche Bank sites including its headquarters in Frankfurt as part of a cash laundering check
Bloomberg says that around 170 officers and police have taken part in the raids, adding:
An investigation of the evidence called Panama Papers showing the evidence of Deutsche Bank has helped clients set up offshore accounts, prosecutors said.
Alleging that Deutsche Bank failed to report on money laundering accidents when criminal funds were transferred to accounts with the bank, the statement states.
Deutsche Bank shares have reduced by 3%, making them the worst performing stock on the German DAX index.
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Snap Summary: Carney travels deep in the Brexit storm
For a man, a similar, peddling Project Hysteria, Mark Carney remarkably marked the Today program.
It helps the UK banking sector pass BoE stress stresses yesterday – meaning that at least one part of the economy can treat Brexit chaotic in March.
Unfortunately, as Carney noted, the rest of the country is not in such a good condition.
The Bank is obviously concerned that more than half of British companies have taken free precautions-either because they can not face it, or because they face inconvenient barriers if there are sudden toll checks and long delays in the ports.
This has left Carney to walk into a difficult balancing act – arguing about a breathable transition arrangement, and insists it not up to it to say which flatt of Brexit is best in the other.
As Carney gives:
"In the best interests of the country he has time to transfer to whatever relationship there is.
Carney had justified the limit of the central bank's independence limit at one point, when it seemed to suggest that Britain might need to extend the operating period (currently in the withdrawal agreement) to Give enough time for the UK to prepare.
That would not be for Brexit MPs, who want a clean break as soon as possible.
And what about the apocalyptic predictions of the BoE that Britain could suffer the worst economic carnage (Carney age) in decades?
The governor seems to suggest that we treat it carefully:
That is not the most likely to happen but what could happen if everything went out of place.
"These chances are very low – this kind of worst case scenario."
Expected, there is a mixed response to Mark Carney's latest comments.
James Duddridge, Conservative MP Rochford and Southend, is not a supporter – arguing that the governor fails to be impartial.
Although some listeners today are more impressive, though:
CARNEY: We need to prepare for Brexit
Q: Are you worried, should Brexit go up, maybe people blame you for sounding so incredibly damaging and injuring everyone?
No, Mary Carney answers, returning to her key point – that Britain needs to be ready for Brexit (and not yet)
[reminder: Britain’s biggest lenders all passed the Bank’s 2018 stress tests yesterday, meaning they could survive a disorderly Brexit]
The issue is ready. The thing that people do not need to worry about is the financial system – it will be there.
They can focus on what is more important.
Carney ends his interview and insists that Bank is just a side ride in the Brexit play.
The financial system is only the economy of the economy, and it has been far too much focus for too long.
What happens to this economy, very important decisions are made by others.
That is the end of the interview. I will wrap some reaction now.
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Q: What's so good about Theresa May's Brexit bargain?
Mark Carney plays a straightforward technological bat, saying that he does not have a choice between different options:
Brexit is a unique situation, where there is a potentially significant change in the trading relationship with a largest trading partner. In that situation, the central bank office is to ensure that the financial system is being prepared, says the governor.
CARNEY: The British needs Brexit transition
Q: 10 years ago, Congress voted down to get rid of the US, the markets went away, and then it was transmitted quickly (here is the TARP 2008 drama). Could that happen again?
Carney insists he will not guess what might happen in parliament.
But he repeats that the British economy needs more time to prepare for life outside the EU, saying:
Parliament will decide on the type of Brexit, and the path we take to get there.
It is advisable to have a transition to whatever form is chosen by the Brexit parliament
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Q: So the truth is that we are not ready, so what happens when MPs vote down Theresa May's Brexit agreement on December 11?
Carney refuses to discuss theoretical scenarios (!), But he repeats that much work needs to be done to prepare for uninhabited Brexit.
"Best that we can say," the country's businesses and infrastructure are not yet ready.
Carney says that there is a need to consider an objective point of view about the amount of time required, in an action period after Brexit.
It states that the agreement agreed last weekend allows the operating period to be extended
Q: Is it a good idea?
From the perspective of the financial system, there is a period of 18-24 months adequate, Carney's answers (ie, the underlying cause in the Removal Agreement).
For the economy as a whole … it's important to others say, he added.
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It's sensible to take "sober, objective" for the time we need to reach where we go with Brexit, Carney adds.
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CARNEY: We do not try to fear anyone
Q: But your critics say that you're playing politics, trying to scare people … Andrew Sentance, a former policy officer of the Bank, says your analysis is speculative and extreme &
Carney denies it, saying:
We have a broad responsibility to get the system ready for whatever happens, and we have been doing since the referendum.
The Parliament asked this analysis, but it is a purpose analysis – to get the financial system ready for whatever kind of Brexit is the country taking.
Q: Do not you try to fear people to get the type of Brexit you want?
I do not have a choice, says Carney.
But he agrees that the Bank prefers a "transition period" (as under Theresa May scheme)
It is for the benefit of the country to have some time to transfer to whatever relationship there is.
We know from business relations that less than half of the businesses in this country have approved their contingency plans for unrelated Brexit.
Q: But the head of a company, perhaps the CEO of Nissan, could hear your apocalyptic scenarios and tell me, I have to go out of here?
Carney said that the company's managers are also responsible for preparing for the worst situations.
They understand what the Bank says, and they will not misinterpret it.
Carney has interviewed Radio 4
Mark Carney's interview with John Humphrys is on the Program Today.
Q: What is the difference between prospects and scenarios?
The governor says that the Bank's job is to look at what could go with Brexit – tariffs, problems in the ports, financial markets are falling.
Then it sets out the "very negative" results in a scenario, to determine what would happen to the banking sector, and then ensure that the banks have more than enough capital to absorb; those losses.
Then we know, they know, and the public know that they can cope.
As Carney gives:
That is not the most likely to happen. This is what might happen if everything goes out of place and we use it to help make things go better.
Mark Carney queried several times yesterday that his Brexit analysis was a scenario, not forecasts (although this great difference was lost).
Our economics editor, Larry Elliott, explains:
The Bank does not really say that the economy is going to reduce by 8% in a year. In order for that to happen, three conditions would need to be achieved: the UK would have to leave the EU without a next spring deal; That departure would come as a blue bolt; and would urge a bruise action from Brussels. "This is what could happen," said Carney, "not what is most likely to happen."
But even so, this could be a last attempt to stimulate MPs to support the Theresa May's Brexit agreement, Larry added:
In the weeks leading to the EU referendum in June 2016, the Bank and the Treasury announced warnings about the bad things that would happen if a ballot left, and there was not one Of course. This time the constituency is much smaller: the 600-odd MPs who will vote on the EU May agreement early next month. It looks like the last roll of the disks.
Mark Mark Carney's analysis is in all parts of the UK front pages today.
The Telegraph leads the attention to the criticism of the governor, saying he has displaced the Hysteria Project.
"Mark Carney has been accused of undermining independence and credibility of Bank of England after publishing an analysis of the economic effects of any so bad deal he has called project hysteria & 39 ;. "
Here's a full full round:
Introduction: Bank of England Forecasts under Fire over Brexit
It has been a good morning, and welcomes our rolling attention of the economy, the world, the financial markets, the eurozone and business.
Mark Carney, the governor of the Bank of England, is in the light of a political storm today after warning that Brexit can not join British in the worst recession since the second world war.
Analysis released last night warned that the economy will fall by 8%, housing prices would be taken by a third, sterling would fall to equalities with the US dollar, and interest rates will rise if Britain leaves the EU without a bargain.
Carney's message was clear – the economy would suffer from a single situation poorly, and not many companies.
"Evidence from surveys and other UK authorities suggests that the country has not yet been fully prepared for cliff edge."
In contrast, Theresa May Bank also gave some support – arguing that its deal would be better for economic growth.
However, he also anticipated that GDP would have been at least 1% higher in five years if the UK voted to remain; Boost for those who push for Voting People on the last deal.
Carney critics (and has attracted a little since joining the Bank in 2013), have been accused of undermining the Bank's independence and credibility.
One minister (unnamed suit) told the Daily Telegraph that the analysis is "crazy, bonkers ab —— s" (I do not think that's for Brexit .. .)
Jacob Rees-Mogg was particularly low alcohol, calling Carney as a Canadian Canadian politician who had failed a chanada – a bite that attracted some stunning promises for his attempt to force Theresa May.
Secretary of justice David Gauke It has also weighed in:
Anyway, Carney can defend herself – and he will have to go this morning. It is due on Radio 4 Today's program soon to discuss Bank forecasts.
- 8.10am GMT: Mark Carney interviewed Radio 4
- 10am GMT: Relieving the confidence of consumers in the Eurozone area
- 1.30pm GMT: US personal use statistics
- 7pm GMT: Minutes of November meeting of the Federal Federal Reserve
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