FX comment: Single farm payment may hurt for three years
I’ve heard more than a couple of whispers that the bank that had last Thursday’s EUR/GBP order for the Single farm payment (Single farm payments – A €/£ harvest at the end of September) dropped £5.5 million on it. They can afford it – still, it’s never fun to drop that sort of amount, no matter how big you are.
I didn’t know this until a couple of days ago, but the funny thing is that the contract to execute the order, having been previously awarded annually, is now a three-year deal. To think that the same bank can have all that fun all over again.