Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016 - (Page 64)

NEWS LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°94 - JUL / AUG / SEP 2016 It is clear that a Brexit would inflict collateral damage that is very difficult to estimate at this stage. 64 - Possible impacts of a Brexit on the corporate treasury function At the time of writing, the referendum is still to be held in the UK and perhaps what I say will be rendered irrelevant. If, on the other hand, the vote goes in favour of leaving the European Union, we need to ask ourselves about the consequences that will arise for corporate treasurers. On 23 June, what some people call the "Brexit Tea Party", parodying British history, could have a whole series of baleful consequences. History tells us that apparently innocuous decisions can have serious consequences and produce chain reactions. Cameron no doubt wanted to take or keep control of his party by holding this somewhat suicidal referendum. An idiotic gamble, and not just for the British. Others say that leaving the EU would amount to a Pyrrhic victory, weakening everyone, even the winners. The other EU countries will certainly be affected. Instability is the very last thing that Europe needs right now. It is clear that a Brexit would inflict collateral damage that it is very difficult to estimate at this stage. We could, however, take the view that this departure from the EU could also have the opposite effect of strengthening the union between the remaining continental countries. The risk of the Union imploding looks to be small, even though real. Most European corporate treasurers (including British corporate treasurers) have voiced their opposition to departure. The City itself has come out against Brexit. Would this amount to just another financial crisis? No, far from it, and the consequences for the non-British need to be put into context. Would a Brexit mean fewer regulations and less bureaucracy? Comparing it to the Norwegian example, we rather doubt it. The UK belongs to the G20, which means it has to meet certain requirements. Not belonging to the European Union would involve it in signing trade agreements such as those signed with Switzerland for example, or with Norway.

Table of Contents for the Digital Edition of Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016

Cover
Table of contents
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW Philippe Gelis - Kantox - Fintech and the future of banks
FOCUS
Lost in transformation
Everything has a price – a transfer price
Treasury Survey - an unprecedented picture of treasury activities in Luxembourg
FORUM
The impact of negative rates on Treasury and Risks Management Systems
Towards reporting harmonisation?
Understanding the Treasury impact of BEPS
Impacts of Single Resolution Mechanism and Bail-in for European Banks
Supply chain? Not concerned?
Collateral management and the Corporate Treasury function.
Efficiently Managing Cross-Border Payments in Turbulent Times
CORPORATE FINANCE
How Mid-Market Companies Can Efficiently Manage Enterprise-wide FX Risk as they Grow
Investing surplus cash in repos
A wind of technology changes in the treasury management world
Invoicing can be fun….?
Comment améliorer la performance des fonds de pension européens
15 MINUTES WITH O2Finance
THE FINANCIAL RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS

Trésorier/Treasurer magazine - N°94 - Juil/Août/Sept 2016