Ireland applies to host European Banking Authority after Brexit

The State has formally applied to Brussels to host the European Banking Authority after the UK leaves the EU in 2019.

The Government has been campaigning since last year to have the EU relocate the authority, which oversees the banking regulation in the bloc, from London.

Michael D'Arcy, Minister of State with Responsibility for Financial Services, confirmed on Monday that the Department of Finance has formally applied to the European Commission to move the authority to Dublin after Brexit.

Brussels is due to decide on the authority’s new home in November. Dublin is competing with cities such as Paris and Frankfurt, which have substantial financial services industries.

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The department recently produced a brochure designed to sell the capital to Brussels as a location for the authority. Mr D’Arcy argued that for the European Banking Authority, its staff and their families, moving to Dublin was the least disruptive option.

IDA Ireland confirmed this week that 15 of the world's top 20 banks have opted to move or expand operations to the State as a result of Brexit.

Ireland is also applying to host the European Medicines Agency, which regulates the approval of new drugs throughout the bloc.