Ireland submits bid to host European Banking Authority after Brexit

Jerome Frank
August 1, 2017

The European Banking Authority and the EMA, both based in Canary Wharf in London, employ just over 1,000 staff between them, and the agencies will be relocated from the United Kingdom after Brexit.

Brussels is due to decide on the authority's new home in November.

"We will now proceed in assessing all offers in an objective manner", said European Commission spokeswoman Mina Andreeva. Hungary, Cyprus, Slovenia and the three Baltic states of Lithuania, Latvia and Estonia have not bid for any.

He also insisted that the quality of life in Dublin is "excellent" and that it is a "safe, tolerant, multicultural city with a vibrant cultural and social life".

Informed by the commission's assessment, member states will make a decision through a series of votes.

The detail of each tender is available on the website of the Council of the European Union, a body which brings together 28 member countries, sometimes with videos touting the merits of the candidates. They have produced glossy publications, videos and websites to woo the ministers who will vote for the relocation.

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Members states, which will nearly all have to take a decision while having at least one candidate, said the process that they set up will "be fair and transparent".

The Irish application was officially submitted on Monday ahead of a midnight deadline.

A total of 21 states today put in a bid to host one or both of the bodies - meaning almost every European country wants to get involved.

"The financial centre of Luxembourg (...) a fruitful relationship with the city of London and we really want that to continue", assured George Friden.

Referring to revelations on tax rulings that helped companies to avoid taxes, he said that Luxembourg "has always been applying relevant European Union rules" and that the issue should not be taken into account.

But the ambassador said on Tuesday that, with a selection process now agreed for the relocation of the EBA, "it would not be appropriate to unleash a massive legal debate".

Other reports by Guamnewswatch

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