The Irish government has publicly declared its interest in housing the European Banking Authority after Britain leaves the EU, as competition hots up in the race to draw business from London in the wake of the Brexit vote.
The EBA, which is currently based in London, is the EU agency responsible for managing banking supervision and regulation in the union. A number of countries have expressed an interest in hosting the agency, as part of broader efforts to position themselves as attractive locations for businesses considering moving operations away from the UK.
Michael Noonan, minister for finance, said:
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.
As a country with experience in providing links to banks and companies in the UK market, Ireland provides an ideal new home for the staff of the EBA.
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