Tel. +44 (0)20 7287 4414
Email. This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel. +44 (0)20 7287 4414
Email. This email address is being protected from spambots. You need JavaScript enabled to view it.
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
The Bruges Group spearheaded the intellectual battle to win a vote to leave the European Union and, above all, against the emergence of a centralised EU state.
Image
Image
Image
Image

Bob Lyddon is an experienced management consultant both privately and with PwC. His speciality isBob Lyddon is an experienced management consultant both privately and with PwC. His speciality iscash and liquidity management in which he recently structured online tuition for a major Asian bankand designed a series of online courses for the...

Bob Lyddon is an experienced management consultant both privately and with PwC. His speciality isBob Lyddon is an experienced management consultant both privately and with PwC. His speciality iscash and liquidity management in which he recently structured online tuition for a major Asian bankand designed a series of online courses for the accountancy profession.Bob has had three previous papers published by The Bruges Group and these have proven influentialin the Brexit debate:• “The UK’s risks and exposure to the European Investment Bank and other European financialmechanisms: amounts, safeguards and breaches in the dyke” in 2012• “The UK’s liabilities to the financial mechanisms of the European Union” in 2016• “The Euro’s Battle for Survival – Entering the Red Zone” in 2018These papers brought the well-concealed issue of the UK’s dealings with the European InvestmentBank to the fore, and ensured that that UK’s residual liabilities under the Brexit Withdrawal Agreementdid not remain buried in the fine print.Bob co-authored “Managing Euro Risk” with Barnabas Reynolds and Professor David Blake, whichwas published in February 2020 by Politeia.Bob authored the Brexit Papers between 2016 and 2017, issued through Global Britain and availableat http://brexitpapers.uk/. These include:• Our liabilities to the EU: the biggest risk of all - why leaving the Single Market is the only wayto avoid the huge risk from financial gambling by EU institutions• The Single Market’s Dutch auction: how the EU’s Single Market fosters corporate taxavoidance schemes that costs the UK billions• The UK’s lost GDP and tax revenues: how Single Market tax dodges cost the UK £10bn ayear and make us all the poorerRecent consulting engagements include running an international banking alliance, advising smallpayment providers how to access UK payment systems, and advising a major player in globalpayments as to the opportunities and threats arising from the establishment the UK’s PaymentSystems Regulator.With PwC Bob managed several Euro implementation programmes, including that of the EuropeanInvestment Bank. Prior to that, he had a diverse 17-year career in international banking,encompassing Transaction Banking, syndicated loans, export finance and derivatives.Bob holds a First Class Bachelors degree in Modern Languages from the University of Cambridge, isstudying for a Masters degree in Local History at the Open University, and is a Fellow of the Centre for Brexit Policy.

More

Britain's debt pile is NOT higher than the EU's

euro-714947_1920 Euro - An Unhealthy Currency
Contrary to the Daily Telegraph's story today claiming that Britain's debt pile does not outstrip the EU's, Britain's is far lower, because the EU's is masked by creative accounting. The full extent of the EU's debts and other financial liabilities is detailed in my book recent book 'The shadow liabilities of EU Member States, and the threat they p...
Continue reading
  786 Hits

Eurozone’s ‘shadow debts’ start to become real ones, and threaten the Bundesbank with bankruptcy

Piggy-Bank Breaking the Bank
The German Federal Audit Office ('Bundesrechnungshof') has warned that the Bundesbank may need a bailout due to losses on the EUR650 billion of bonds it bought as part of the Eurozone's equivalent of Quantitative Easing. The Daily Telegraph reported on this on 26 June. Of course the risk is not for the entire EUR650 billion but for the fraction by ...
Continue reading
  930 Hits

Totality of on- and off-balance sheet liabilities of the EU public sector is cloaked in obscurity

cloaked-liabilities Hidden Debts
The totality of the public sector liabilities of EU and Eurozone member states is clouded in obscurity. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trill...
Continue reading
  976 Hits

The archipelago of EU public sector entities with borrowing powers has created a behemoth of liabilities

eu-liabilities-behemoth Hidden EU Debts
The EU member states contain numerous public sector entities with borrowing powers, and whose debts fall outside the definition of member state debt as reported by Eurostat. The responsibility for the debts tracks back, one way or another, to the member state but the amounts involved are opaque. All that can be said with complete certainty is that ...
Continue reading
  1122 Hits

The EU banking system has falsified the amount of its cushion against losses

eu-banking-sysyem-falsification EU Banking System Smoke and Mirrors
EU authorities have permitted commercial banks to implement a particularly aggressive form of risk-evaluation methodology, the result of which is the ability to claim a thick loss-absorption cushion and to attest that the EU banking system is stable and resilient. It isn't: cushions are as thin as before the Eurozone financial crisis. This is laid ...
Continue reading
  824 Hits

The Eurosystem has become a commercial bank, except one without a credit assessment department or loss-absorption cushion

eurosystem-commercial-bank Eurosystem is an unregulated Commercial Bank
The Eurosystem has expanded its operations well beyond what a central bank would have traditionally undertaken. It now owns assets that are not 'central bank money' definitionally. Assets have credit ratings as low as BB in the Standard and Poor's system, which means they are 'Speculative Grade' and involve 'Substantial credit risk'. It does not ev...
Continue reading
  1028 Hits

TARGET2 harbours risks even greater than the enormous ones acknowledged by the European Central Bank

target-2-risks Target 2 - Enormous Hidden Risk
There has been long and ongoing debate about the nature of the sizable loans and deposits that the Eurozone national central banks (NCBs) run with one another within the TARGET2 payment system. The debate has overlooked that the balances are nearly double what the European Central Bank (ECB) reports, and that the report only shows the amounts at th...
Continue reading
  1086 Hits

The European Central Bank's programmes have created a major funding risk for Eurozone member states

ecb-major-funding-risk Major funding risk for Eurozone member states
The programmes of the European Central Bank (ECB) are extensive, and involve greater risks than the ECB can bear, it being very thinly capitalised. Even modest losses on its programmes would require it to be recapitalised by its Eurozone shareholders – the national central banks (NCBs) of the Eurozone member states. This is laid out in the newly-re...
Continue reading
  989 Hits

Net Zero is the Rationale for the European Investment Bank to Help Manufacture Enormous Public Sector Liabilities

netzero-eib-liabilities Net Zero Liabilities
Net Zero is proving to be a good cover story for the European Investment Bank Group to create huge financial liabilities for the EU taxpayer. The amount looks set to exceed €1.2 trillion by the end of the current EU budget period in 2027. This is laid out in the newly-released book 'The shadow liabilities of EU Member States, and the threat they po...
Continue reading
  1124 Hits

Misleading Accounting Lends Undeserved Credibility to the European Stability Mechanism

misleading-accounting It is all smoke-and-mirrors.
The European Stability Mechanism is the main bailout mechanism behind the Euro. Croatia recently joined it upon adopting the Euro. The ESM uses two accounting tricks to make it appear larger and more robust than it actually is, disguising that it lacks the firepower to deal with a major incident. This is laid out in the newly-released book 'The sha...
Continue reading
  1118 Hits

EU supranational entities harbour major unacknowledged liabilities for member states

eu-supranational-liabilities EU Debts
The structures of the EU and Eurozone have allowed the creation of a series of supranational entities that have taken on debts whilst having little financial strength of their own: their creditworthiness depends on guarantees or capital calls from member states, without the extent of the member states' liabilities being transparent and being added ...
Continue reading
  991 Hits

Public credit rating agencies discriminate against the UK and in favour of EU/Eurozone member states

creditrating-discrimination Discrimination against UK
Public credit rating agencies have not been even-handed in their treatment of the UK compared to EU member states, given the large shadow debts and contingent liabilities that weigh on the latter. This is explained in the newly-released book 'The shadow liabilities of EU Member States, and the threat they pose to global financial stability', writte...
Continue reading
  1253 Hits

Scope of EU and Eurozone Debts is Unrecognised by Public Credit Rating Agencies

unrecognised-debt EU and EZ Debts ignored
The public credit ratings of EU/Eurozone member states are inflated, because the credit rating agencies have not factored in the significant shadow debts and other financial liabilities bearing down on the respective member state's debt service capacity. Total financial liabilities are much higher than these agencies appear to recognise. This is th...
Continue reading
  1459 Hits

Germany Cannot Pay Totality of EU/Eurozone Debts

germany-cannot-pay False assumptions of global debt markets.
Global debt markets appear comfortable to absorb all of the bonds issued by the European Union for its €750 billion Coronavirus Recovery Fund on the basis that 'it all tracks back onto Germany'. This is true: the guarantee structure behind the EU's debts makes each member state liable for the entirety of them. The same debt markets do not seem to h...
Continue reading
  815 Hits

EU and Eurozone break both spirit and letter of global debt rules

breaking-debt-rules_1 EZ break Spirit and Letter of Global Debt Rules
The EU and its member states position themselves as a cornerstone of the rules-based international order, but they break its financial rules in both letter and spirit by failing to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-e...
Continue reading
  879 Hits

EU and Eurozone are massively over-indebted - but official figures obscure it

obscuring-over-indebtedness EU Obscure over indebtedness
EU and Eurozone member states fail to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trillion. This discrepancy is...
Continue reading
  1121 Hits

EU and Eurozone are Massively Over-Indebted - but official figures obscure it

Burn The Euro Zone is a Threat to Financial Stability
 EU and Eurozone member states fail to fully report their financial liabilities. The key measure tracked by Eurostat - 'General government gross debt' – is circumvented to such an extent that, based on year-end 2021 figures, debts of around €6.4 trillion failed to be registered, and contingent liabilities of around €3.8 trillion. This discrepa...
Continue reading
  1094 Hits

The Shadow Liabilities Of EU Member States And The Threat They Pose To Global Financial Stability

Shadow The Shadow Liabilities Of EU Member States
BUY THIS BOOK                                                                                                &...
Continue reading
Tags:
  1197 Hits

Mr Sunak’s ‘Spring Statement’ – a man without a fallback

credit-squeeze-g5fcb1491d_1920
Download PDF File Here Mr Sunak's Spring Statement was far less impressive than his rhetoric has made it appear. Once again a senior member of this administration reaches a Gold Standard in rhetoric, but at best a Bronze one in achievement. The claim does not stand up to examination that these were the largest reductions in personal taxation for th...
Continue reading
  1245 Hits

The ECB’s Pandemic Emergency Purchase Programme – the undermining of the Eurozone as a free financial market, the epitome of the failure of the Euro project, and a coup d’état by the European Central Bank

ecblitzkrieg
This new study, issued through The Bruges Group, dissects a main response of the European Central Bank to the pandemic: another programme of bond buying, taking up hundreds of billions of euros of Eurozone member state government bonds into the ECB's Pandemic Emergency Purchase Programme, the "PEPP". The PEPP bought the majority of new debt issued ...
Continue reading
  2189 Hits
Copyright ©1989-2023 The Bruges Group. All Rights Reserved.
Site designed by WA Designs