Drawing of lots sees Dublin miss out on European Banking Authority relocation

The European Banking Authority (EBA) will not be relocating to Dublin after it lost out to Paris by the narrowest of margins today.

As part of the negotiations associated with the UK’s decision to withdraw from the EU it was deemed necessary for the EBA to relocate to an EU Member State from its current location in London prior to the UK’s exit.

Dublin and Paris were tied with 13 votes each after the third round of voting at a meeting of the General Affairs Committee in Brussels earlier today.

The selection of Paris was then made by the drawing of lots.

General view of One Canada Square in Canary Wharf, London, which houses the offices of the European Banking Authority.

Minister for Finance Paschal Donohoe said: “I congratulate Paris on being chosen as the new seat of the European Banking Authority.

“It is important that there is a smooth transition and successful relocation for the Authority, its staff and their families.”

“The EBA plays a vital role in the European system of Financial Supervision and it is essential that its work, which helps to protect consumers and contributes to the Union’s financial stability, continues during the transition.

“The Central Bank of Ireland is an active member of the EBA and will continue to work with the Authority to achieve high quality prudential regulation and supervision across the banking sector.”

Earlier today, EU chiefs also decided to move the European Medicines Agency (EMA) from London to Amsterdam after Brexit.

Announcing the decisions, Estonian deputy EU affairs minister Matti Maasikas said: "It was a tight competition, and we needed to draw a lot on both cases."

The two agencies are currently based in Canary Wharf in London, where they employ around 1,000 staff.


KEYWORDS: business, banking

 

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