APRIL 2001 BROADSHEET - Banking - Euro - Investments
In contrast to our very well attended February meeting our offering in March was disappointing, leading again to the conclusion that things European are not as attractive to our membership as things technical. However, it was a lively audience and the problems of the incoming launch of the Euro as the only European currency are going to hit small businesses severely. It was clearly a bankers evening with Mark Andrews, Corporate Director for the South of England of The Royal Bank of Scotland, in the Chair. The first speaker, Brian Gallagher of fund managers Gartmore looked at the scene from the investment point of view, emphasised the difficulties of prediction, but made it clear that interest rates were bound to fall.
He was followed by Reece Sinden, who deals with Global Payments and Cash Management for HSBC. He urged all small companies to seek out their bank managers as soon as possible to find out how to set up a Euro Account. The currencies of all the 12 'in' nations would disappear by 28 February 2002 and the Euro would have to be used for all quotations. The coins would be minted such that one side would be common and the obverse would be distinguished by a symbol for each country; similarly for the notes.
Colin Hemsley was the final speaker from Lloyds TSB. He dealt more with the middle sized firm; £2M turnover plus. He was full of cheer for the advantages of better cash management, especially simplified electronic exchange and easier reconciliation. But he was a rather reluctant to admit that the eventual use of cross border pooling might cut out banks altogether! The marketing advantages of quoting in Euros came over loud and clear during question time.
If you wish follow up any of these points with the speakers here are their e-mail addresses:-brian.gallagher@gartmore.com, reece.e.p.sinden@hsbcgroup.com and hemslec@lloydstsb.co.uk
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