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So far Bob has created 103 blog entries.

Our response to the PSR Consultation CP21/10 on APP scams

We have responded to the Payment Systems Regulator’s latest consultation on APP scams.

Their proposals continue the same, failed direction-of-travel as hitherto.

This problem could be solved, and completely, by legal changes that row back on EU payments legislation in the form of the 2017 Payment Services Regulations (based on the EU Payment Services Directive) and the […]

Invisible Eurozone liabilities require action by global financial regulators

TARGET2: scale of invisible Eurozone liabilities demands action by global financial regulators

We recently had a blog published by Politeia about the lack of transparency in the accounting for the debts of EU/Eurozone member states. The member states’ contingent liability to backstop the debts of the EU is an example. Member states also have a contingent […]

Rising Debt, Greater Risk – The EU’s invisible accounting system

The Eurosystem’s balance sheet now shows that its assets of €12 trillion exceed the Eurozone’s 2020 GDP of €11.4 trillion. This is attributable to the emergency response to Covid by the European Central Bank (ECB), who both created the Pandemic Emergency Purchase Programme (the PEPP), extended the programme of unsecured loans to banks called Targeted […]

Technical blog on the Eurozone’s Hidden Debt: A Dangerous legacy of EU governance – Politeia

You can DOWNLOAD HERE the technical blog that accompanies the Politeia article on extrapolating lessons for the Eurozone, UK and global banking systems from the proposed merger of UniCredit and Monta dei Paschi di Siena.

The case raises difficult questions about whether any meaningful re-capitalization of banking systems has occurred since the Global Financial Crisis or […]

The Eurozone’s Hidden Debt: A Dangerous legacy of EU governance – Politeia

As Italy’s oldest bank is poised to merge with its second largest, Bob Lyddon considers the failure of Eurozone governance and its potential consequences –   from which the UK is not immune

The UK-EU Withdrawal Agreement (2019) with its Northern Ireland Protocol remains one problematic matter of unfinished Brexit business.  Less widely known is the matter […]

Architect of Test and Trace turns to reorganising UK’s payment systems

This article as it appeared on CommentCentral on 4 August 2021

A certain David Pitt, fresh from his triumphs as Chief
Operating Officer of Test and Trace, has been appointed as Chief Executive
Officer of Pay.UK, the company responsible for the UK’s main payment systems.

This is not a joke, although the timing is unfortunate, coinciding
with the unfolding pingdemic […]

Unicredit capital position before merger with Monte dei Paschi di Siena

It looks likely that Unicredit will be entering into a shotgun wedding with Mone dei Paschi di Siena (MPS). Unicredit will be compelled by the Italian political and monetary authorities to act as a White Knight.

MPS just failed its European Banking Authority Stress Tests but then it has been flat broke for years.

For a putative […]

UK’s New Payments Architecture now to be a bungalow

Title page of PSR’s latest emission on the scope and tendering process for NPA

What started out as a Temple of Solomon to revolutionise the UK’s payment systems will now be reduced to a more manageable bungalow-sized development. Multiple layers collapse down to one.

The
UK’s Payment Systems Regulator (PSR), who started this show rolling in 2015 by
creating […]

No-one can know the size of the Brexit divorce bill, and it won’t be finalised until 2028, or for decades after that

Two of the key patagraphs in the Withdrawal Treaty itself

What are HM Treasury and the EU playing at? Their dispute rumbles on over whether the Brexit divorce bill is the EU’s estimate of £41bn or HM Treasury’s (or rather the Office for Budget Responsibility’s) of £35-39bn.

The discussion feels phoney. The quoted amounts cannot include all […]

How worried should we still be about the Brexit divorce bill?

This is the actual agreement…

Below is the text of an article we had published on CapX last week about the bunfight between HM Treasury and Brussels on the supposed size of the Brexit divorce bill: in short, neither of them can know for sure what it is because of the loopholes in the agreement on […]