Connect with us

Business

France to use ‘language of force’ in post-Brexit fishing rights row

fishing

France to use ‘language of force’ in post-Brexit fishing rights row

Clément Beaune, has said Paris will “now use the language of force” in an escalation of a row over post-Brexit fishing rights, as French maritime police seized a British trawler found in its territorial waters without a licence.

One vessel had been stopped off Le Havre in the early hours of Thursday morning after which it was rerouted to the quay and “handed over to the judicial authority”, while a second was given a verbal warning.

In a statement, the French government said the checks during the scallop fishing season had been routine but admitted they were conducted “in the context of the discussion on licences with the United Kingdom and the European Commission”.

The French government has been infuriated in recent months by the response of the authorities in the UK and Jersey to post-Brexit applications from French fishing vessels for permits to its waters, which are regulated by the EU-UK trade deal agreed on Christmas Eve last year.

The row blew up on Wednesday when Paris said it would ban British fishing boats landing seafood in key ports from Tuesday unless their received further licences for French vessels and vowed to impose onerous checks on cross-Channel trade.

There was also a threat issued to the UK’s energy supply if those initial sanctions from Paris did not prompt the issuing of extra permits.

The move prompted a dramatic response from Downing Street, where a spokesperson for Boris Johnson said the UK government would retaliate over what was described as a potential breach of international law.

Sources in Brussels confirmed there was not yet support among the other 26 member states for EU action against the UK on the issue through the dispute resolution mechanism in the trade-and-cooperation deal.

Later on Thursday morning, Beaune doubled down, however, on the threat of unilateral French action saying the situation was “not acceptable”. “So now, we need to speak the language of force since that seems to be the only thing this British government understands,” he said. “We have been extremely patient, our fishing boats have been extremely responsible, because it’s a major loss of their activity. From November, it’s over. We’ll open dialogue if the British want dialogue – it’s up to them – but we’ll put in place retaliation measures because there is no reason we shouldn’t have access to their waters when they have access to our ports.”

The UK has claimed that 1,700 EU vessels have now been licensed to fish in UK waters and that 98% of applications for fishing licences had been granted.

The French maritime minister, Annick Girardin, accused the UK of spreading misinformation. “The figure of 98% of licences granted by the United Kingdom to Europeans is false,” she said. “Only 90.3% were. Obviously, the missing 10% are for the French … It has been nine months since French fishermen have no longer been able to work. It is a breach of their signature by the British. That’s enough.”

The main differences between the two sides centres on rights within the 6-12 mile zone from the British coast. Earlier this week, the European Commission said the UK government had approved 15 out of 47 applications for French boats to operate in those coastal waters. A further 15 applications are being considered where evidence of activity in those waters is limited, but 17 applications have been withdrawn by French applicants because of “poor evidence”.

Of greater concern to the French authorities, a third of boats applying to fish in the waters off Jersey, a British crown dependency, have also been turned down by the island’s government.

Barrie Deas, from the National Federation of Fishermen’s Organisations, the body representing fishers in England, said the descent into a “tit for tat” relationship was “unhelpful”.

He told the BBC’s Today programme: “It may be normal enforcement action but against the background of the threatening noises coming from the French government … it’s very concerning.

“France seems determined to escalate this issue about licences and I suppose we have to wonder why. There’s a presidential election coming up in France and all the signs are that the rhetoric has been ramped up ahead of that on the fishing issue.”

Deas added: “[The amount of] UK vessels landing into French ports is not massive. It’s a bit strange because the French fleets fish much more in UK waters than we fish in their waters.

“Therefore if we descend into a tit-for-tat relationship, I think the French fleet are very much more exposed – I don’t think that’s a very helpful way to go. It’s a strange direction for the French to take, which is why we conclude that this has all been politicised.”

Lord Frost, the UK’s Brexit minister, tweeted that it was “very disappointing” that the French government had made the threats and the government would seek “urgent clarification” of France’s plans and “will consider what further action is necessary in that light”, he said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

CBN gives fresh guidelines on dormant accounts, unclaimed balances in banks

The Central Bank of Nigeria, CBN, has directed all banks and other financial institutions in the country to transfer all dormant accounts and unclaimed balances and other financial assets to its dedicated account.

The apex bank disclosed this on Friday in a guideline on the management of dormant accounts, unclaimed balances signed by its acting director of the Financial Policy and Banking Regulation Department, John Onojah.

According to the circular, all dormant accounts and unclaimed balances with banks for at least ten years will be warehoused in a dedicated account known as the Unclaimed Balances Trust Fund (UBTF) Pool Account”.

Accordingly, CBN said the funds from Dormant Accounts, unclaimed balances may be invested in Nigerian Treasury Bills (NTBs) and other government securities.

However, the new Guideline which is a review of the Guideline issued in October 2015 exempted dormant accounts, and unclaimed balances under litigation and investigation.

“CBN shall treat unclaimed balances (dormant accounts and financial assets) as follows:

“Open and maintain the ‘UBTF Pool Account’; Maintain records of the beneficiaries of the unclaimed balances warehoused in the UBTF Pool Account;

“Invest the funds in Nigerian treasury bills (NTBs) and other securities as may be approved by the ‘Unclaimed Balances Management Committee’;

“Refund the principal and interest (if any) on the invested funds to the beneficiaries not later than ten (10) working days from the date of receipt of the request and where it is imperative to extend the timeline, a notice of extension shall be communicated to the requesting FI stating reasons for the extension,” it said.

Continue Reading

Business

CBN’s decisive actions has strengthen the economy- Cardoso

The Central Bank of Nigeria (CBN) said in Abuja on Friday that its monetary policies and actions have stimulated growth and stability of the nation’s economy.

 

CBN Governor, Mr. Olayemi Cardoso, said this during an engagement with Senate Committee on Banking, Insurance and other Financial Institutions.

Cardoso said that given the positive indicators, Nigerian were in for better days.

He said: “The spread between official and BDC rates has narrowed significantly from N162.62 in January to N47.22 in June indicating successful price discovery, increased market efficiency and reduced arbitrage opportunities.

“The stock of external reserves increased to 36.89 billion dollars as of July 16, compared with 33.22 billion dollars as at end-Dec 2023, driven largely by receipts from crude oil related taxes and third-party receipts.

“In first quarter 2024, we maintained a current account surplus and saw improvements in our trade balance.

According to him, the nation’s external reserves level as at end of June can finance over 11 months of importation of goods and services or 14 months of goods only.

Cardoso said this was significantly higher than the prescribed international benchmark of 3.0 months, indicating a strong buffer against external shocks.

He said that the banking sector remained robust and diverse, comprising 26 commercial banks, six merchant banks and four non-interest banks.

“Key indicators such as capital adequacy, liquidity, and non-performing loan ratios all showed impressive improvements, underscoring the sector’s growing stability and resilience.

“The equity market has shown impressive performance, with the All-Share Index rising by 33.81 per cent and market capitalisation expanding by 38.33 per cent from Dec 2023 to June 2024, reflecting growing investors’ confidence,” he said.

Cardoso said that while CBN was encouraged by these positive trends, it remained vigilant and committed to implementing policies that support sustainable growth in the financial markets, while maintaining overall economic stability.

He also assured  members of the committee that required measures and strategies had been mapped out to confront emerging challenges.

“To combat inflation, we have implemented a comprehensive set of monetary policy measures.

“These include raising the policy rate by 750 basis points to 26.25 per cent, increasing cash reserve ratios, normalising open market operations as our primary liquidity management tool.

“And adopting Inflation Targeting as our new monetary policy framework,” he said.

Cardoso said in the area of banking supervision, CBN had taken decisive actions to ensure the safety, soundness, and resilience of the banking industry.

He said that key measures included intervention in three banks, revocation of Heritage Bank’s license, increasing minimum capital requirements, and enhancing AML/CFT supervision.

“We also introduced new frameworks for Cash Reserve Requirements and cybersecurity and prohibited the use of foreign currency collaterals for local currency loans,” he said.

Cardoso said that CBN was in the process of reviewing micro and macro prudential guidelines to reinforce the resilience of financial institutions to withstand tightened conditions, thereeby creating a secure and attractive investment climate.

“We have signaled our plans to re-capitalise deposit money banks in Nigeria to improve capital inadequacy and their capacity to grow the economy.

“Our ultimate goal is to create a more stable, resilient, and efficient financial system that can better serve the Nigerian economy, while adhering to international best practices,” he said.

Earlier, Chairman of the Committee, Sen. Adetokunbo Abiru, said the purpose of the interaction was to update the committee on efforts, activities, objectives and plans of the CBN with respect to monetary policy.

 

Continue Reading

Business

Nigeria’s external reserves surge to $35.77bn – CBN

Nigeria’s external reserves increased to $35.77 billion on Thursday up from the $33.09 Billion at the end of 2023.

This is according to Thursday’s data from the Central Bank of Nigeria on the country’s external reserves movement.

The figure represents a $2.68 billion increase in the country’s external reserves in the past six months.

Further data showed that Nigeria’s foreign reserve crossed the $35.05bn on July 8 to the $35.77 mark on Thursday.

Meanwhile, according to the recently released economic outlook by CBN, titled ‘Macroeconomic Outlook: Price Discovery for Economic Stabilisation’, the apex bank had projected a decline in the country’s external reserves in 2024.

The CBN based its assumption on continued payments of outstanding foreign exchange forward obligations, matured foreign exchange swaps, and debt service.

The apex bank, however, said, “the expected improvement in crude oil earnings, together with recent reforms in the foreign exchange market and energy sector, however, would cushion the drop in external reserves.”

The outlook also projected a marginal increase to $19.42 billion from $19.17 billion in 2023 for diaspora remittances.

“The external reserves, which stood at $33.09bn in 2023 could reduce slightly in 2024.

“This is on the assumption of continued payments of outstanding foreign exchange forward obligations, matured foreign exchange swaps, and debt service,” it said.

Continue Reading
Advertisement

Trending