Eu Non Sanctions

[Gramps82]

So much for the EU supporting Ukraine in its struggle against Russia. Boris Johnson proposed that Russia be excluded from SWIFT only for Belgium, Germany, Italy and Hungry to block any such move. Italy worried about Gucci Handbags and Belgium about selling diamonds. Even Donald Tusk also told the EU that they are a disgrace to themselves.
Thank God we are no longer in such a self centred organisation.

[youngmafbog]

//CIPS, which is administered by the People’s Bank of China, handled 2.2 million payment transactions last year with a total value of 45.2 trillion yuan.//

Piffling amount, CLS (The Banks settlement system) settles over USD6.0 trillion of payments in 18 of the most actively traded currencies globally, tis is done by SWIFT. I know I put the current system in place with IBM.

You keep on about payments but SWIFT is much more. Payments (MT1nn) are one part but there are also FX transactions and TRADE/Settlements with massive values. I also worked in the High value Payments systems for one of the Worlds biggest banks. $50m individual transactions were not unusual over SWIFT throughout the day. I also worked in the US on where they were moving around $4trillion a day (although not on SWIFT as it was internal but it shows you dont grasp the huge amounts). And this is just one Bank.

[youngmafbog]

//take the time to go and learn about SWIFT gromit!//

To be fair to GRomit he wont have access to the information as you need to register with an email domain that is registered to a BIC or Additional services. And he's not having my login!

[youngmafbog]

Oh, just realised, I should have said the CLS figures are daily not annual like the Chinese figures you gave.

[youngmafbog]

For anyone interested here is the link for SWIFT FIN traffic. Note that whilst most money/trades etc moves by FIN there are other SWIFT services that can be used.

A FIN message is the one where generally a BIC is used e.g. Barclays is BARCGB2LA and is interbank. They do not have to be direct and can go via a correspondent Bank where a MT210 (Advice to recieve) may be sent. The receiving Bank, if they trust the sender/payee can settle on the MT210 if they so wish. Hopefully I am showing it is not a clear cut as just 'stopping' SWIFT. Governments have nothing to do with any of the SWIFT apart from Sanctions lists and that is what Governments shold be doing not trying to disrupt the SWIFT Network

[ToraToraTora]

it looks like you've managed to shut gromit's trap YMB!

[ToraToraTora]

....previously thought impossible! PMSL!

[Deskdiary]

I know the square root of F all about SWIFT, but reassuringly, looking at Gromit’s posts, it looks like I’m not the only one!

Is it just me that thinks Gromit talks a lot but says so little.

I’ve never known a poster to think he’s an authority on pretty much everything and yet knows so little.

[Deskdiary]

Rest assured, after YMB’s utter demolition, Gromit won’t reappear on this thread. Gromit has never accepted he’s wrong, it’s just easier to disappear from a thread.

[royfromaus]

Deskdiary
Rest assured, after YMB’s utter demolition, Gromit won’t reappear on this thread. Gromit has never accepted he’s wrong,
____________________________________

Not many on AB will hold their hands up when they are wrong.

[tomus42]

For the record, Gromit has answered many times, but his answers keep getting zapped for whatever reason.

[Gromit]

I have probably made 20 posts today, and 15 of them have been zapped.
So I intend to to waste anymore time here.
See you all not too soon.

[Gromit]

For Funks Sake,

Bye all.

This used be be a good site before it was ruined