Ireland will bid to host the European Union’s banking regulator when it is forced to leave London after Britain leaves the bloc, the Irish department of finance announced yesterday (25 October).
The European Banking Authority (EBA) is responsible for harmonising and integrating banking supervision across the EU member states.
It will have to relocate to another state within the EU, once Britain leaves the EU following the Brexit referendum vote on 23 June.
Ireland’s Finance Minister Michael Noonan said, “Preparations must be made for eventualities such as the relocation of certain European agencies such as the European Banking Authority.
“Ireland has a significant financial services sector, efficient transport links to other European capitals and the capacity to absorb the European Banking Authority’s relocation to Ireland,” he said.
Ireland would be “an ideal new home for the staff of the EBA,” he said.
A number of other EU member states are interested in hosting the EBA, including Frankfurt which already hosts the European Central Bank, the EU’s insurance regulator EIOPA and 198 banks.
Ireland has already made a bid to attract Britain-based companies that are concerned about their business following Brexit, as well as British scientists who want to continue to receive EU research funding.