Ireland Submits Official Bid To Host European Banking Authority

Ireland has presented an official bid to host the European Banking Authority, the Minister of State with special responsibility for Financial Services and Insurance, Michael D'Arcy has announced.

Arising from Brexit, the European Banking Authority (EBA) must relocate from London to a EU location. 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 D'Arcy said: "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.