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Brexit ‒ View of
the Association of German Banks
26 January 2017
©BundesverbanddeutscherBankene.V.
Summary
 Timetable
 Negotiating phase
 Outlook for banks
 Outlook for customers
 Need for adjustments
 Consequences for the EU
 Frankfurt as a financial centre
2
©BundesverbanddeutscherBankene.V.
Basic position of the Association of German
Banks on Brexit
3
Europe
 But the top priority is the cohesion of the EU27
 Continued integration of the internal market is needed, with
economic, monetary, banking and capital markets union
 The internal market needs all four fundamental freedoms
Brexit a mistake
 We regret the vote to leave
 We don’t think the decision is reversible
 We assume the UK will exit the EU
Long-term
relations
 The UK remains an important part of Europe
 We remain interested in very close political and economic ties
between the EU and UK
 This requires a comprehensive economic agreement which
allows extensive mutual market access
Banks
 Our members want to see continuity in business relations and
activities
 The primary concern is the maintenance of financial stability
 A secure political and regulatory environment is needed so
that a dependable service can be provided to customers
©BundesverbanddeutscherBankene.V.
“Hard” Brexit scenario
4
2017 2018 2019 later
23.6.
Referendum
Starting point
 Majority of UK
policymakers pushing for a
clean break; negative
effects have not yet to
make themselves felt
 Priority for EU is cohesion
of EU27
 Contentious negotiations
about exit agreement likely
23.4./7.5.2017
FR elects new President
September 2017
General election DE
Expected April 2019
EP elections
May 2020
General election
scheduled in UK
Two-year period for Brexit negotiations Economic agreement
Brexit
 Result of the overall
situation: “hard” Brexit
 UK loses all privileged
market access and
becomes third country on
1 April 2019
Transitional period
(following 1 April 2019)
 Comprehensive transitional
agreement unlikely
 Partial agreements possible
in final phase of
negotiations; impossible to
predict at present
 Banks now under pressure
to be ready for 2019
Economic agreement
 Only achievable in the long
term, if at all
July 2019
Election COM President
and appointment of new
COM
Phase 1 Phase 2
Expected March 2017
UK triggers Art. 50
January 2021
New EU budgetary
period
17.3.2017
General election in NL
Phase 4
Third-country access ?
Phase 3
25.3.2017
60 years since Treaty of
Rome
Spring 2018
General election
scheduled in IT, may be
brought forward to
summer 2017
?
Expected June 2017
EU negotiating line
©BundesverbanddeutscherBankene.V.
Basic principles of the negotiations
Fair negotiations
 EU must accept the decision to leave
 UK must be prepared to accept the consequences; there will be differences
between members and non-members
 Both sides should negotiate constructively
Fair behaviour
 Avoid creating one-sided competitive advantages (tax or regulatory dumping,
state aid)
 EU27 must be able to manage its affairs
Keep long-term outlook in mind
 Goal: comprehensive economic agreement with extensive market access; the exit
negotiations will lay the groundwork – also in terms of the political climate
 Regulatory standards should not develop in different directions
Special aspects for financial services
 Primary objective is to maintain financial stability and a level playing field
 Important to keep a regulatory and political environment which enables banks to
serve customers dependably and with legal certainty, but also allows a return to
profitability
5
©BundesverbanddeutscherBankene.V.
Outlook for banks
EU27 banks
 EU27 banks normally operate with branches in London
 Shifting business back to the EU relatively easy from a regulatory and
organisational perspective, but a challenge in terms of staff and technology
UK banks
 Some UK banks already have subsidiaries in Germany
 Others engage in little market activity in Germany
 Very few adjustments needed
Third-country banks
 Most have their EU headquarters in London; no passporting rights in future
 Will relocate to EU27 with branches or subsidiaries; may also withdraw to home
market or relocate to other international finance centres
Basic strategy of all banks
 Need for basic decision on way ahead in the first half of 2017
 Step-by-step approach: postpone decisions for as long as possible; preparation
(e.g. applying for a licence) is not the same as implementation
6

©BundesverbanddeutscherBankene.V.
Outlook for customers (I)
Retail customers
 Brexit will have no implications for retail customers in Germany
 Financial services are supplied almost exclusively by domestic banks
Corporate customers
 The same goes for commercial and corporate clients in Germany since most are
also served by domestic banks
 The entire existing range of financial services – funding, investment services,
hedging, transactions – will continue to be readily available
 London based contracts: Documentation and processing will become more costly
and complex, and the number of suppliers may fall
Very high-volume transactions
 Very high-volume financing and hedging transactions may face some restrictions
 Clients seeking such services may establish their own market access to the UK
7
©BundesverbanddeutscherBankene.V.
Outlook for customers (II)
International business
 Brexit will hardly undermine London’s position as the world’s biggest currency
trading venue; there will be continued access to trading
Economic impact
 Continuing uncertainty, obstacles to international trade and a reluctance to invest
pose long-term risks to the UK economy
 Funding the budget and current account deficits will be another long-term
challenge
 As a major trading partner of the UK, Germany is affected by these risks too; but
overall only minor implications for growth and employment in Germany
8
©BundesverbanddeutscherBankene.V.
Adjustment to future third-country status
Starting point
 UK will become a third country
 At the same time, substantial and complex economic ties have grown up over the
years
 EU and German laws should be adjusted to reflect this in order to mitigate the
impact of upcoming changes on existing contractual relations
Examples of the need for adjustments (I)
At EU level
 Clarification of data protection framework
 Clarification of whether securities denominated in euros will in future have to be
cleared in the EU or the eurozone; arrangements for existing business
 Amendments to banking regulatory requirements (e.g. in the clearing and
settlement regime) to protect existing contracts
9
©BundesverbanddeutscherBankene.V.
Examples of the need for adjustments (II)
Eurozone
 Cooperation agreement between eurozone and UK financial supervisors
Germany
 Clarification of tax arrangements
 Simplified processing of residence permit applications and grandfathering
arrangements for UK citizens already living in Germany
 UK real estate should remain eligible to serve as cover assets under the German
Pfandbrief Act
 Cooperation agreement between BaFin and UK financial supervisors
 In Germany we need a law enabling German legislation to be adjusted in
the light of Brexit!
10
€
©BundesverbanddeutscherBankene.V.
Consequences for the EU
Institutional consequences
 UK is a net contributor the EU budget; EU must have the capacity to act on the
2019 and 2020 budgets and on the medium-term financial framework for the
2021 to 2027 period
 The maximum number of MEPs should be decreased; no reallocation of seats
vacated by UK MEPs
 The EU will lose a member state committed to the market economy; the German
government will need to position itself more clearly
European integration
 The goals should be to consolidate what has been achieved and move forward in
small steps
 Subsidiarity principle needs to be strictly observed and the internal market
integrated further in terms of economic, monetary, banking and capital markets
union with firmly binding rules and effective sanctions for non-compliance
 A set of common economic policy principles needs to be developed
11
©BundesverbanddeutscherBankene.V.
12
Political commitment
RegulationAdministration
 Clear commitment by the federal and regional
governments, the city of Frankfurt and the
financial industry to promote Frankfurt as the
financial centre of the European Union
 Call for the European Banking Authority (EBA)
to be moved to Frankfurt
 Removal of “home-grown” regulatory
obstacles
 Location factors (schools, transport,
administration)
 Frankfurt – Berlin fintech hub
Prerequisites for Frankfurt’s positioning
©BundesverbanddeutscherBankene.V.
Five proposals for removing home-grown
regulatory obstacles
13
Legislation
governing terms
and conditions
of business
 Further enhance personal autonomy by lifting the applicability
of general business terms and conditions to commercial
transactions
Bank levy
 Remove the ban on the tax deductibility of the bank levy
(in place since 2010 in Germany and since 2016 for
contributions to the Single Resolution Fund)
Venture capital  Ensure transparent taxation of private equity investors
Accounting
 Allow companies to prepare individual financial statements in
accordance with IFRS only, without needing to prepare
German GAAP accounts as well
Labour law
 Make it easier to fire very high-earning staff
 Adjust German Working Time Act to reflect digitalisation
 Refrain from creating further competitive disadvantages
(e.g. German Pay Transparency Act)
©BundesverbanddeutscherBankene.V.
Background
 Strengths of Frankfurt as a financial centre
 Comparison of financial centres
14
©BundesverbanddeutscherBankene.V.
Frankfurt highly suitable as an EU gateway
15
Financial centre
of the eurozone
 Frankfurt is the banking and financial centre of the eurozone
 Efficient stock market, which will become even more
important after merging with the LSE
 Centre of fintech innovation; bridge to startup capital Berlin
Banking
supervision
 Frankfurt is the seat of the European Central Bank, the SSM
and EIOPA and thus the most important centre of monetary
and financial policy in the European Union
Location factors
 Major centre of financial research and training
 Good transport and digitalisation infrastructure
 Cost of living comparatively low by European standards; office
space also comparatively inexpensive and readily available
Sound legal
environment
 Stable political system
 Governed by the rule of law with functioning legal remedies
 Legal certainty and smoothly functioning administration
Dispute
resolution in
labour law
 Dispute resolution is swift, inexpensive and predictable
 No significant “suing culture”
 Codetermination does not hamper managerial decision-making
©BundesverbanddeutscherBankene.V.
Comparison of London, Frankfurt and Paris
A brief overview
London Frankfurt Paris
Population
(2014; in million)
8.5 0.7 2.2
Foreign banks as a percentage of
all banks
(%; ECB definition, as at end of 2015)
51.1 37.9 28.4
Financial centre ranking
(GFCI1, 2016)
1 19 29
Ease of Doing Business Index2
(country-specific, 2015)
6 15 27
Tax burden ranking
(country-specific, 2015)
15 72 87
Market value of stock exchanges
(market capitalisation in €bn, 2015)
133 15.7 3.34
Share turnover
(EOB trades in €bn, 2015)
2,4033 1,410 1,8824
ETF turnover
(in €bn, 2015)
388.33 198.1 162.44
Sources: Helaba, World Bank, WFE, Z/Yen
1 The Global Financial Centres Index (GFCI) of the Z/Yen think tank ranks the competitiveness of financial centres based on indices analysing the business environment, development of the financial sector,
infrastructure, human capital and reputation and also on responses to a survey of financial experts.
2 The World Bank’s Ease of Doing Business Index ranks economies from 1 to 189 on their ease of doing business. A high ranking means the regulatory environment is more conducive to starting and operating a local
firm.
3 LSE with Borsa Italiana
4 Euronext, which operates in Amsterdam, Brussels, Lisbon and Paris
16

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Brexit - View of the Association of German Banks

  • 1. Brexit ‒ View of the Association of German Banks 26 January 2017
  • 2. ©BundesverbanddeutscherBankene.V. Summary  Timetable  Negotiating phase  Outlook for banks  Outlook for customers  Need for adjustments  Consequences for the EU  Frankfurt as a financial centre 2
  • 3. ©BundesverbanddeutscherBankene.V. Basic position of the Association of German Banks on Brexit 3 Europe  But the top priority is the cohesion of the EU27  Continued integration of the internal market is needed, with economic, monetary, banking and capital markets union  The internal market needs all four fundamental freedoms Brexit a mistake  We regret the vote to leave  We don’t think the decision is reversible  We assume the UK will exit the EU Long-term relations  The UK remains an important part of Europe  We remain interested in very close political and economic ties between the EU and UK  This requires a comprehensive economic agreement which allows extensive mutual market access Banks  Our members want to see continuity in business relations and activities  The primary concern is the maintenance of financial stability  A secure political and regulatory environment is needed so that a dependable service can be provided to customers
  • 4. ©BundesverbanddeutscherBankene.V. “Hard” Brexit scenario 4 2017 2018 2019 later 23.6. Referendum Starting point  Majority of UK policymakers pushing for a clean break; negative effects have not yet to make themselves felt  Priority for EU is cohesion of EU27  Contentious negotiations about exit agreement likely 23.4./7.5.2017 FR elects new President September 2017 General election DE Expected April 2019 EP elections May 2020 General election scheduled in UK Two-year period for Brexit negotiations Economic agreement Brexit  Result of the overall situation: “hard” Brexit  UK loses all privileged market access and becomes third country on 1 April 2019 Transitional period (following 1 April 2019)  Comprehensive transitional agreement unlikely  Partial agreements possible in final phase of negotiations; impossible to predict at present  Banks now under pressure to be ready for 2019 Economic agreement  Only achievable in the long term, if at all July 2019 Election COM President and appointment of new COM Phase 1 Phase 2 Expected March 2017 UK triggers Art. 50 January 2021 New EU budgetary period 17.3.2017 General election in NL Phase 4 Third-country access ? Phase 3 25.3.2017 60 years since Treaty of Rome Spring 2018 General election scheduled in IT, may be brought forward to summer 2017 ? Expected June 2017 EU negotiating line
  • 5. ©BundesverbanddeutscherBankene.V. Basic principles of the negotiations Fair negotiations  EU must accept the decision to leave  UK must be prepared to accept the consequences; there will be differences between members and non-members  Both sides should negotiate constructively Fair behaviour  Avoid creating one-sided competitive advantages (tax or regulatory dumping, state aid)  EU27 must be able to manage its affairs Keep long-term outlook in mind  Goal: comprehensive economic agreement with extensive market access; the exit negotiations will lay the groundwork – also in terms of the political climate  Regulatory standards should not develop in different directions Special aspects for financial services  Primary objective is to maintain financial stability and a level playing field  Important to keep a regulatory and political environment which enables banks to serve customers dependably and with legal certainty, but also allows a return to profitability 5
  • 6. ©BundesverbanddeutscherBankene.V. Outlook for banks EU27 banks  EU27 banks normally operate with branches in London  Shifting business back to the EU relatively easy from a regulatory and organisational perspective, but a challenge in terms of staff and technology UK banks  Some UK banks already have subsidiaries in Germany  Others engage in little market activity in Germany  Very few adjustments needed Third-country banks  Most have their EU headquarters in London; no passporting rights in future  Will relocate to EU27 with branches or subsidiaries; may also withdraw to home market or relocate to other international finance centres Basic strategy of all banks  Need for basic decision on way ahead in the first half of 2017  Step-by-step approach: postpone decisions for as long as possible; preparation (e.g. applying for a licence) is not the same as implementation 6 
  • 7. ©BundesverbanddeutscherBankene.V. Outlook for customers (I) Retail customers  Brexit will have no implications for retail customers in Germany  Financial services are supplied almost exclusively by domestic banks Corporate customers  The same goes for commercial and corporate clients in Germany since most are also served by domestic banks  The entire existing range of financial services – funding, investment services, hedging, transactions – will continue to be readily available  London based contracts: Documentation and processing will become more costly and complex, and the number of suppliers may fall Very high-volume transactions  Very high-volume financing and hedging transactions may face some restrictions  Clients seeking such services may establish their own market access to the UK 7
  • 8. ©BundesverbanddeutscherBankene.V. Outlook for customers (II) International business  Brexit will hardly undermine London’s position as the world’s biggest currency trading venue; there will be continued access to trading Economic impact  Continuing uncertainty, obstacles to international trade and a reluctance to invest pose long-term risks to the UK economy  Funding the budget and current account deficits will be another long-term challenge  As a major trading partner of the UK, Germany is affected by these risks too; but overall only minor implications for growth and employment in Germany 8
  • 9. ©BundesverbanddeutscherBankene.V. Adjustment to future third-country status Starting point  UK will become a third country  At the same time, substantial and complex economic ties have grown up over the years  EU and German laws should be adjusted to reflect this in order to mitigate the impact of upcoming changes on existing contractual relations Examples of the need for adjustments (I) At EU level  Clarification of data protection framework  Clarification of whether securities denominated in euros will in future have to be cleared in the EU or the eurozone; arrangements for existing business  Amendments to banking regulatory requirements (e.g. in the clearing and settlement regime) to protect existing contracts 9
  • 10. ©BundesverbanddeutscherBankene.V. Examples of the need for adjustments (II) Eurozone  Cooperation agreement between eurozone and UK financial supervisors Germany  Clarification of tax arrangements  Simplified processing of residence permit applications and grandfathering arrangements for UK citizens already living in Germany  UK real estate should remain eligible to serve as cover assets under the German Pfandbrief Act  Cooperation agreement between BaFin and UK financial supervisors  In Germany we need a law enabling German legislation to be adjusted in the light of Brexit! 10 €
  • 11. ©BundesverbanddeutscherBankene.V. Consequences for the EU Institutional consequences  UK is a net contributor the EU budget; EU must have the capacity to act on the 2019 and 2020 budgets and on the medium-term financial framework for the 2021 to 2027 period  The maximum number of MEPs should be decreased; no reallocation of seats vacated by UK MEPs  The EU will lose a member state committed to the market economy; the German government will need to position itself more clearly European integration  The goals should be to consolidate what has been achieved and move forward in small steps  Subsidiarity principle needs to be strictly observed and the internal market integrated further in terms of economic, monetary, banking and capital markets union with firmly binding rules and effective sanctions for non-compliance  A set of common economic policy principles needs to be developed 11
  • 12. ©BundesverbanddeutscherBankene.V. 12 Political commitment RegulationAdministration  Clear commitment by the federal and regional governments, the city of Frankfurt and the financial industry to promote Frankfurt as the financial centre of the European Union  Call for the European Banking Authority (EBA) to be moved to Frankfurt  Removal of “home-grown” regulatory obstacles  Location factors (schools, transport, administration)  Frankfurt – Berlin fintech hub Prerequisites for Frankfurt’s positioning
  • 13. ©BundesverbanddeutscherBankene.V. Five proposals for removing home-grown regulatory obstacles 13 Legislation governing terms and conditions of business  Further enhance personal autonomy by lifting the applicability of general business terms and conditions to commercial transactions Bank levy  Remove the ban on the tax deductibility of the bank levy (in place since 2010 in Germany and since 2016 for contributions to the Single Resolution Fund) Venture capital  Ensure transparent taxation of private equity investors Accounting  Allow companies to prepare individual financial statements in accordance with IFRS only, without needing to prepare German GAAP accounts as well Labour law  Make it easier to fire very high-earning staff  Adjust German Working Time Act to reflect digitalisation  Refrain from creating further competitive disadvantages (e.g. German Pay Transparency Act)
  • 14. ©BundesverbanddeutscherBankene.V. Background  Strengths of Frankfurt as a financial centre  Comparison of financial centres 14
  • 15. ©BundesverbanddeutscherBankene.V. Frankfurt highly suitable as an EU gateway 15 Financial centre of the eurozone  Frankfurt is the banking and financial centre of the eurozone  Efficient stock market, which will become even more important after merging with the LSE  Centre of fintech innovation; bridge to startup capital Berlin Banking supervision  Frankfurt is the seat of the European Central Bank, the SSM and EIOPA and thus the most important centre of monetary and financial policy in the European Union Location factors  Major centre of financial research and training  Good transport and digitalisation infrastructure  Cost of living comparatively low by European standards; office space also comparatively inexpensive and readily available Sound legal environment  Stable political system  Governed by the rule of law with functioning legal remedies  Legal certainty and smoothly functioning administration Dispute resolution in labour law  Dispute resolution is swift, inexpensive and predictable  No significant “suing culture”  Codetermination does not hamper managerial decision-making
  • 16. ©BundesverbanddeutscherBankene.V. Comparison of London, Frankfurt and Paris A brief overview London Frankfurt Paris Population (2014; in million) 8.5 0.7 2.2 Foreign banks as a percentage of all banks (%; ECB definition, as at end of 2015) 51.1 37.9 28.4 Financial centre ranking (GFCI1, 2016) 1 19 29 Ease of Doing Business Index2 (country-specific, 2015) 6 15 27 Tax burden ranking (country-specific, 2015) 15 72 87 Market value of stock exchanges (market capitalisation in €bn, 2015) 133 15.7 3.34 Share turnover (EOB trades in €bn, 2015) 2,4033 1,410 1,8824 ETF turnover (in €bn, 2015) 388.33 198.1 162.44 Sources: Helaba, World Bank, WFE, Z/Yen 1 The Global Financial Centres Index (GFCI) of the Z/Yen think tank ranks the competitiveness of financial centres based on indices analysing the business environment, development of the financial sector, infrastructure, human capital and reputation and also on responses to a survey of financial experts. 2 The World Bank’s Ease of Doing Business Index ranks economies from 1 to 189 on their ease of doing business. A high ranking means the regulatory environment is more conducive to starting and operating a local firm. 3 LSE with Borsa Italiana 4 Euronext, which operates in Amsterdam, Brussels, Lisbon and Paris 16

Hinweis der Redaktion

  1. BdB-USP: Wir sind in der EU27 verankert und stellen unseren Wunsch nach „So wenig Veränderung wie möglich“ klar dahinter zurück; deshalb stellen wir jetzt keine Forderungen an Bundesregierung oder KOM, Erleichterungen oder Übergangsregeln für die FDL zu schaffen. Gleichzeitig wollen wir aber Brücken nach UK bauen! Brexit ist zwar auch schlecht für EU27 und DE, aber er schadet vor allem UK erheblich; wir müssen keine Kompromisse machen, die zu Lasten der EU27 gehen. Botschaften im Original aufnehmen
  2. Verhandlungspositionen UK (innenpolitischer Druck, Leitsatz „Make our own rules“, Kompromisse sind „Verzerrung des Volkswillens“) und EU27 (kein „Binnenmarkt a la carte“) führend zwingend zum harten Brexit Austrittsverhandlungen sind schwierig (Geld! KOM rechnet mit einer Einmalzahlung von 60 bis 80 Mrd. €); Übergangsphasen setzen Kenntnis des Endzustands voraus; der wird aber erst nach Austrittsabkommen verhandelt Einfaches Weitergelten der Regeln in UK kaum verkaufbar, partielles für EU nicht akzeptabel; Problem der Rechtsgrundlagen Fantasien, wie man den Brexit softer machen könnte, kann man viele entwickeln; kommen aber erst am Ende auf den Tisch Fehlende Klarheit für Wirtschaft ein Problem: wir müssen wissen, wie wir am 1. April 2019 rechtssicher die Kunden bedienen können; Dispositionen müssen deshalb auf worst case abgestellt sein, solange Politik nicht verbindlich etwas anderes beschließt.
  3. ACHTUNG: Wir dürfen nicht den Eindruck erwecken, wir seien neutral. Wir verorten uns eindeutig in der EU27. Mit dem Absatz „Faire Verhandlungen“ meinen wir einerseits die Briten insgesamt: es gibt bisher keine realistische Verhandlungsstrategie. Wir meinen aber durchaus auch die Europäer, die jetzt auf Strafexpedition gehen wollen.
  4. Kernaussage: Banken sind es gewohnt, mit Drittstaaten zu arbeiten. Der Brexit ist deshalb bankfachlich kein Problem.
  5. Grundsatz Wirtschaft muss davon ausgehen, dass es keine besondere Regelung gibt und sich darauf einstellen. Das ist möglich, hätte aber gravierendere Auswirkungen, als sie erforderlich sind Deshalb ist es zielführend, Anpassungen frühzeitig zu beschließen oder zumindest frühzeitig verlässlich anzukündigen Hinweis Die Mehrzahl der aufgeworfenen Probleme sind nicht bankbezogen, sondern gelten für die gesamte Wirtschaft
  6. AGB-Recht: EU-Recht (RL 93/13 über rechtsmissbräuchliche Klauseln) fordert AGB-Kontrolle nur im Verhältnis zu Verbrauchern AGB-Kontrolle im kaufmännischen Geschäftsverkehr führt zu hohem Rechtsrisiko; Anleiheausgabe nach deutschem Recht ist daher unattraktiv (Anpassung des BGB §307 Abs. 1 erforderlich) Rechnungslegung Deutschland verlangt (anders als viele andere EU-Länder, die hier das Wahlrecht eingeräumt haben, den Einzelabschluss auf IFRS-Basis oder nach nationalen Bilanzrecht zu erstellen) einen zwingenden HGB-Einzelabschluss. In Deutschland sollte die Option bestehen, einen IFRS-Einzelabschluss mit befreiender Wirkung aufstellen zu dürfen Vorteile: Komplexitätsreduzierung für die betroffenen Unternehmen, verbesserte internationale Vergleichbarkeit bei erleichterter Kommunikation mit Aufsichtsrat, Aktionären, Analysten, Öffentlichkeit und Aufsehern Gleichbehandlung in Europa
  7. Konfliktlösung im Arbeitsrecht (AGV-Info) Schnell (Verfahrensdauer) Bei Kündigungsschutzsachen besteht ein gesetzliches Beschleunigungsgebot (§ 61a ArbGG), es erfolgt überwiegend eine Erledigung durch Vergleich. Der erste Gütetermin auch in anderen Angelegenheiten ist üblicherweise nicht später als sechs Wochen nach der Klageeinreichung. 66 % der Streitigkeiten werden innerhalb von 3 Monaten erledigt (Statistisches Bundesamt 2011). Preiswert (Gerichts- und Anwaltskosten) Gerichts- und Rechtsanwaltskosten sind im internationalen Vergleich preiswert, vor allem im Vergleich zu angelsächsischen Ländern – bei einem durchschnittlichen Streitwert von 12.000 EUR (1/4 Bruttojahresgehalt) betragen die gesetzlichen Rechtsanwaltskosten weniger als 1.900 EUR, die Gerichtskosten bei einem Urteil 801 EUR, und es fallen keine gesonderten Kosten für eine Beweisaufnahme an. Es gibt keine punitive damages (Schadensersatz, der im Zivilprozess einem Kläger über den erlittenen tatsächlichen Schaden hinaus zuerkannt wird). Vergleichszahlungen im Zusammenhang mit der Beendigung von Arbeitsverhältnissen sind gesetzlich für betriebsbedingte Kündigungen geregelt (§ 1 KSchG) und betragen 0,5 Monatsgehälter pro Beschäftigungsjahr. In der Praxis sind Zahlungen zwischen 0,5 und 2,0 Gehältern pro Beschäftigungsjahr üblich. Berechenbar (Gesetzesgrundlage mit etablierter Rechtsprechung) Wesentliche Teile des Arbeitsrechts (Betriebsübergang, Nichtdiskriminierung, Arbeitszeit) beruhen im Kern auf europäischen Richtlinien und nicht auf nationaler Gesetzgebung. Auch in den übrigen Bereichen bilden bundesweit geltende Gesetze die Grundlage der Ordnung des Arbeitslebens; an diese sind Gerichte bei der Entscheidung von Entscheidung von Streitfällen gebunden. Auch wenn keine formelle Bindung der unteren an die oberen Gerichte besteht (stare decisis), folgen in der Praxis die unteren Gerichte der Auslegung des Rechts durch das Bundesarbeitsgericht. Keine ausgeprägte Streitkultur Laut einer Studie des Statistischen Bundesamtes betrug die Zahl der Eingänge der Arbeitsgerichtsbarkeit 2011 (3 Jahre nach der Finanzkrise) noch 60% derjenigen des Jahres 1995. Betriebliche Mitbestimmung Die Mitbestimmung des Betriebsrates verhindert nicht, dass der Unternehmer seine Vorgaben umsetzen kann. Im Bereich der zwingenden Mitbestimmung gibt es eine Schlichtungsmöglichkeit über die Einigungsstelle, die regelmäßig zu einem Kompromiss zwischen Arbeitgeber- und Betriebsratslinie führt. In anderen Bereichen bestehen Mitwirkungsrechte, bei denen der Arbeitgeber in der Regel in der Lage ist, durch entsprechende Verhandlungen seine Linie durchzusetzen. Der hierdurch erforderliche zeitliche Mehrbedarf kann bei der Entscheidung über den Anfangspunkt der unternehmerischen Maßnahme eingeplant werden.
  8. Zu Einwohner: - Zahlen beziehen sich auf Greater-London (1.600 km2), den Regierungsbezirk Darmstadt (7.500 km2) sowie die Île-de-France (12.000 km2) - Einwohnerzahlen Metropolregionen: London: 13,6 Mio.; Frankfurt: 3,8 (inkl. Regierungsbezirk Darmstadt); Paris: 12 Mio. Quelle: Helaba Zu Auslandsbanken: - Quelle: Helaba Zu Finanzplatz-Ranking: Quelle: Thinktank Z/Yen Zu Ease of Doing Business: Quelle: Weltbank Zu Steuerbelastungsranking: Quelle: Weltbank Zu Marktwert der Börse: Quelle: Helaba Zu Aktien- und ETF-Umsätze: Quelle: world federation of exchanges (wfe)