merrion street

Earlier today the Government agreed, on the recommendation of the Minister for Finance, Mr Michael Noonan T.D., to make a public declaration of interest in Ireland becoming the location for the offices of the European Banking Authority.

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 organisation and has proven to be an attractive location for international staff of these international organisations.

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

“While the UK continues to be a full member of the EU until the negotiations for their exit have been completed, 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 re-location to Ireland. Along with our IFS 2020 strategy, whose implementation is led by Minister of State Murphy, our interest in hosting the EBA demonstrates the continued importance Ireland places in well regulated Financial Services. 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.”

Notes for Editors:
The European Banking Authority (EBA) was established in 2011 as the EU agency tasked with achieving a harmonised and integrated approach to banking supervision across the EU Member States. While supervisory authorities (including the ECB, where relevant) remain in charge of supervising individual banks, the EBA provides the common regulatory framework to be applied in a consistent way across the EU, in this way providing the basis for a single market for EU banking and contributing to financial stability across the EU.
The EBA has 156 staff (as per 2015 Annual Report) but is due to increase to 189 in the coming months. EBA staff must be EEA citizens in order to work in the Authority.

Earlier today the Government also gave Minister Simon Harris approval for a campaign to relocate the European Medicines Agency to Ireland.

IFS Ireland is the banner brand for Ireland’s IFS industry. Launched at the European Financial Forum in January 2016, the banner brand is a shared identity which all IFS stakeholders – Government and industry bodies – use to promote Ireland on the international stage. Further information is available on the IFS Ireland website www.ifsireland.com. Minister of State Eoghan Murphy T.D. is leading the implementation of the Government’s IFS2020 strategy and has responsibility for Financial Services at the Department of Finance.