Member Info for Bigears1170

with an additional 60m shares issued since our 5 year low ..........

As reported by Reuters , I find them to be a reliable news outlet.

What the Iranians or the Europeans say about the SPV being fit for trade is of supreme indifference to me so you’ll have to forgive me for having no interest in your list of quotes.

Regarding FATF , back in September/ October the EU was making all the right noises in respect of the SPV, talk of it being another tool in the box with the blocking ( chocolate teapot ) statute , so at that time the WSJ piece on the five European central banks was relevant, along with talk of the EIB being used as a funding vehicle - the EU went on to twist the EIBs arm to add Iran to a list of countries it will do business with in what was a public relations sham, fact is the EIB raises billions on the US bond markets so could never trade with Iran in the current climate ,and even if they wanted to they couldn’t lend money to any project in Iran until its fully compliant with FATF so how can it be on its list in the first place ?

In respect of the SPV let’s suppose for a moment the highly unlikely scenario in which Mogherini finds a European leader ( or two ) who are dumb enough to allow his or her finance minister to commit economic suicide by hosting the SPV to facilitate the sale of what it was intended for .... oil and gas and to free up all aspects of trade with Iran for European commerce - (not to facilitate the sale of paracetamol and wind eez ) ..... The Trump administration have made it crystal clear they’ll take action against anyone that uses it , which is precisely why we see the EU sounding out the US as to what they will and won’t allow the SPV to be used for , like I said ,hardly sticking two fingers up to the US .........

It’s clear to me that its all talk on the part of the EU ,the blocking statute is useless, the EIB cant lend money to Iran or any business dealing with Iran, and the SPV wont enable oil sales or trade so where next ?

Mike

I understand what folk would like the SPV to do, however it’s been widely reported that it will be for humanitarian and food sales alone , largely because the EU believe the that’s all the US will tolerate - hardly sticking two fingers up to the US /o:

“the company has in any case confirmed that the services that WSG are to provide fall outside of the scope of the current sanctions “

for as long as Trumps position on Iran remains how are our services being out-with of sanctions of any significance ? Its meaningless imo , you had a motor car with no insurance, no money for fuel and no licence to use it would it be of any use to you ?

No – if we’re now hanging our hat on the Iranians meeting those 12 conditions then I suspect we’ll be in for a wait of the East African variety – In respect of the SPV I seem to recall Mogherini selling it as the vehicle by which Iranian oil would be sold and the wheels of commerce greased – appears it’s been watered down to facilitate the sale of humanitarian ( a great deal of which are exempt from sanctions ) goods so quite how this helps WSG is lost on me ……./o:

Reference your 23.15 - couldn’t agree more , who indeed will be able to resolve any of the issues we haven’t been able to , as you quite rightly point out they will all have the same banking finance and insurance issues that we have - and will continue to have until the US change policy |o:

My interpretation of that piece is the termination is ok per se ; it’s the termination without notice which has been ruled against !

Do you believe that Deutsche Telekom will cock a snook to US sanctions and continue commerce in Iran ?

The cure for advanced gullibility is to go to sleep and consider matters again the next day.......!

Iconic Bridge £1m - America’s Consultancy $4.4m signed contracts , neither of which produced a bean - Mexican Franchise should have been a minimum £14m over the term - nowt ...... |o:

Quite - February came and went and no one gave a rats a$$ outside of the FATF , and yes they extended to June which has been extended to October which , will may well get extended to February 19 - however you imply because nowt came of it in Feb that it’s no big deal - ordinarily I’d concur , however the landscape has changed significantly - in February 2018 our banking requirements would have been facilitated by some obscure network of German cooperative banks - as you know that’s no longer the case as their Iranian counterparts find themselves sanctioned .

My understanding is that one of the options being considered ( happy to be corrected ) is reliant upon a number of European Central Banks engaging with the afore mentioned German cooperative banks who will act as “gateway banks “ who will facilitate trade with a handful of private Iranian banks who have ; thus far escaped secondary sanctions under executive order 13599 as they were afforded a “carve out” to facilitate medical and humanitarian trade - it’s worth noting that Trump could scupper this loophole depending on what side of the bed he climbs out of on any given morning /o:

The positive in my post which should be embraced is that should Iran comply ( and I know this is where the Europeans are working very hard with Iran ) , it will bring their banking system in to international compliance along side the other 185 countries in the world who enjoy unfettered access to the worlds financial system - once / if compliant this will give the ECB’s complete legitimacy to engage as although the ICJ is completely toothless , it will rule in Irans favour (o: ........If they don’t comply the ECB,s won’t be coming out to play anytime soon .

The ball is in the Iranians court |o:

ETin - plenty of positives , well done - though you’ll have to forgive me for not getting too excited about Fowlers word.

Correct re the FATF and February , however although the link I posted was from MEE , it can be corroborated on the FATF website - all factual and relevant - |o:

Its not spin its fact, and Its not digging deep either , it’s called I research , on the back of which I have an awful habit of calling a spade a spade |o:

And if i’m not posting positives it doesn’t follow that I’m not on the look out for them - it’s just that there thin on the ground - besides I thought my13.52 was positive - it just hinges on the outcome of my 12.16 |o:

“ No country, including UK, has fully implemented the FATF action plan, ever.”

The UK , along with most of the western world have never had an action plan to implement, there are only two actions plans in existence, one belongs to the DRPK , the other one belongs to Iran , it’s theirs , they own it , completely bespoke to their short comings in respect of AML & CFT compliance , they proposed the plan back in 2016 and have failed to implement it .....

June 2018
“ The FATF is disappointed with Iran’s failure to implement its action plan to address its significant AML/CFT deficiencies. The Iranian government’s continued efforts to finalize and pass amendments to its AML and CFT laws, the FATF decided at its meeting this week to continue the suspension of counter-measures.

The FATF urgently expects Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items in its Action Plan by completing and implementing the necessary AML/CFT reforms, in particular enacting the necessary legislation. We expect Iran to enact amendments to its AML and CFT laws and ratify the Palermo and TF Conventions in full compliance with the FATF Standards by October 2018, otherwise, the FATF will decide upon appropriate and necessary actions at that time. 

Iran will remain on the FATF Public Statement until the full Action Plan has been completed.

Until Iran implements the measures required to address the deficiencies identified in the Action Plan, the FATF will remain concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system.

The FATF, therefore, calls on its members and urges all jurisdictions to continue to advise their financial institutions to apply enhanced due diligence to business relationships and transactions with natural and legal persons from Iran, consistent with FATF Recommendation 19. “

BTW - FAFT don't have the authority to impose sanctions on any country ......

Really !

“As Laurence Norman of the Wall Street Journal has reported, five European central banks have indicated they would consider opening direct payment channels with the Central Bank of Iran to enable financial ties in the face of U.S. secondary sanctions—but fully implementing the FATF action plan is a precondition.

Irrespective of ones opinion on any potential outcome in Iran – diddly squat will happen until this has been addressed , which has nowt to do with Trump or sanctions – 14th - 19th October is the FATF plenary meeting – if the Iranians don’t get their house in order by then the next meeting will be 17th – 22nd February 2019 …….

https://www.middleeasteye.net/columns/storm-moving-towards-iran-fatf-deadline-looms-974467221

I’m aware of what activities are sanctioned , and I’m also mindful of what Fowler said - wasn’t he going to write to the US treasury for a letter of comfort a few months back ? His reply must have got lost in transit (o: So you prefer the euro - pray tell - when PF has circumvented secondaries , which UK bank will we be banking with ?

It just won’t happen for so many reasons - you mentioned not doing business with the USD for the time being - when the day dawned that we decided we wanted access the dollar again the fine handed down would be eye watering |o:

Your probably right in respect of the low teens stagnation - as you will have gathered I’m not holding my breath on Iran , though I’m sure something will come along to hike it in to the late twenties somewhere down the line (o:

Gay - I’m not privy to owt - my logic is 100% from here has to be achieved so the pigs can get their collective snouts in the trough - they’ll get it there by hook or by crook (o:

To be clear I have never said the deal is dead in the water - I have said that imo it won’t move unless Trump decides to do a deal with Iran - I just happen to disagree with the notion that secondary sanctions will be avoided |o:

Nope...... your presumption is incorrect - I’ll refer you to a previous answer to a similar question;

Why am I still invested - because I’m as gullible and greedy as everyone else who stuck around for the ME contract to come to the boil - had I known it was in Iran you wouldn’t have seen my ar$e for dust - I take a few crumbs of comfort that the strike price our greedy bod set for their undeserving options will see me bank a profit when it arrives - when it gets there I’ll be gone |o:

Have a read up on Swift - it’s an interesting one, but IMO the USA will win the day )o:

With respect , the frequently quoted line that we have no business in the US is a nonsense , we use the US dollar in SL and no doubt other countries of interest to us also use the dollar - ultimately, all international payments in US dollars have to be settled through the US as they are the issuer of the currency, with international wire transfers being processed through the Federal Reserve we would be caught in this web in respect of our SL contract /o:

Our insurance requirement was quoted ( I think by Baldry) as being a €100m airside policy - insurance of that type wouldn’t be insured by a single insurer - it would be layered in tranches of risk , i.e the first €20m of cover would be the highest risk and taken by the principle insurer , the next €20m would be less risk and taken by company with less appetite for the risk and so on - so although fronted by a single insurance company such as ,say Zurich , the risk would be reinsured by as many as four other insurance companies who would take say €20m of risk each , so potentially our broker will be looking for at least two , but possibly as many as five insurance companies in the airside market with zero ties to the USA or its financial system - best of luck with that one /o:

In respect of the banks and the EUs commitment to Iran , let’s see if the German government agrees let one of its banks release Iran’s €300m they want next week - the US have made it clear they don’t want it released - we’ll soon see which way the wind is blowing /o: