Minister Noonan publishes brochure promoting Dublin as the new location for the European Banking Authority

13.06.17

Minister Noonan publishes brochure promoting Dublin as the new location for the European Banking Authority

Earlier today, (Tuesday 13 June 2017) the Government agreed, on the recommendation of the Minister for Finance Michael Noonan T.D., to publish a brochure promoting Dublin as the location of the European Banking Authority (EBA).

Europe has decided that the EBA is to be relocated from London and the Government previously made a public declaration of its wish to host the Authority.

Following a discussion with his cabinet colleagues today the Minister for Finance, Michael Noonan T.D. said:

“We strongly believe that relocation to Dublin is the best option for the important work of the EBA and the least disruptive location for EBA staff. The publication of this document will keep Dublin high on the list of those cities that want to be considered for the relocation of the EBA.”

“Ireland also meets a number of important criteria to be taken account of when considering the location of the EBA.  We have a significant International Financial Services Centre which has been built up over the past 30 years. We also have excellent schools and colleges and readily available commercial office space of the size required by the EBA. In addition, we have good transport links to other European capitals.”

Minister of State for Financial Services Eoghan Murphy T.D. added:

“Our strong interest to host the EBA demonstrates the paramount importance Ireland places in well-regulated Financial Services.  This brochure highlights Ireland’s strengths – as a society, as an economy, and as a major European financial services centre.  It will also assist our ongoing work to promote Dublin as the location of choice for this important European regulator. The Department of Finance will prepare the formal offer to host the EBA to be presented to Government for approval in due course.”

This publication is a follow-up to significant diplomatic and political lobbying undertaken earlier this year and which it is proposed will continue into the coming months.

ENDS

Tuesday 13 June 2017

For Further Information:

David Byrne, Press Officer +353 86 026 7978 pressoffice@finance.gov.ie

Notes for Editors:

  • The European Banking Authority is the EU agency tasked with achieving a harmonised and integrated approach to banking supervision across the EU Member States. As part of the negotiations associated with the UK’s decision to withdraw from the EU it will be necessary for the European Banking Authority to relocate to an EU Member State from its current location in London.
  • The core areas of the EBA’s work are regulatory policy, supervisory convergence and risk assessment, as well as consumer protection and financial innovation. The core functions of the EBA are the establishment of a single rulebook on banking supervision, harmonised understanding in the application of the rulebook by supervisors, monitoring and maintenance of high standards of supervision, and strengthening oversight of cross-border banking groups.
  • A number of other EU Member States are interested in hosting the EBA but Ireland, with its significant financial services sector and efficient transport links to other European capitals, is ideally suited for the Authority’s relocation. Ireland has a positive track record with hosting international organisations and has proven to be an attractive location for international staff of these international organisations.