Minister D’Arcy welcomes submission of Ireland’s formal offer to host the European Banking Authority
Arising from Brexit, the European Banking Authority (EBA) must relocate from London to an EU location. Today (Monday), the Department of Finance submitted Ireland’s formal offer to host the EBA. The submitted document outlines how Dublin meets the objective criteria that have been set out by the European Council and Commission, and highlights how a relocation to Dublin would be the least disruptive move for the EBA and its staff.
Minister of State with special responsibility for Financial Services and Insurance, Michael D’Arcy stated:
‘The fact that the United Kingdom has decided to leave the European Union has resulted in significant disruption and uncertainty. For the EBA, its staff and their families, a move to Dublin is the least disruptive option. Our transport links to Europe, our culture, language and skilled multilingual education workforce make Dublin an attractive destination ahead of other potential locations. Given the economic and strategic benefits for Ireland, we are making a strong proposal which includes incentives to support the relocation of the EBA and the establishment of a Relocation Group to aid the relocation of the Authority’.
“The EBA relocation to Dublin would be positive strategically and symbolically; having such a prestigious EU agency here would further raise our profile as global leaders in the financial services sector and demonstrate our position as a destination of choice for international companies seeking a location within the European Union. I strongly believe that Dublin is a strong contender for the relocation and is the best choice for Europe.”
A final decision will be made in November 2017 on the relocation of the EBA from its current site in London.
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Notes for Editors
- Established in 2011, the EBA is an independent EU Agency tasked with achieving a harmonised and integrated approach to banking supervision across the EU Member States. While supervisory authorities (including the ECB, where relevant) remain in charge of supervising individual banks, the EBA provides the common regulatory framework to be applied in a consistent way across the EU, in this way providing the basis for a single market for EU banking and contributing to financial stability across the EU.
- All formal offers to host one of the two EU agencies located in the UK, the European Banking Authority and the European Medicines Agency, must be submitted by 31 July 2017.
- A promotional brochure to support the relocation bid has been published on the Department of Finance website.
- All formal offers will be published on the website of the European Council as of 1st August 2017.
- A final decision on the new locations will take place by a voting process on 20th November in the margins of the General Affairs Council (Art. 50).