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Thursday, 14th December 2017
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Noonan calls for European Banking Authority to be relocated to Ireland after 'Brexit'    
October 25th 2016: 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, and today the Government agreed, on the recommendation of the Minister for Finance, Mr Noonan "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.

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.
Minister for Finance Michael Noonan


Underlining this, the Central Bank of Ireland's Deputy Governor Cyril Roux has this month been appointed chair of the European Securities and Markets Authority's (ESMA) Investment Management Standing Committee, an allied EU supervisory function in the asset management arena.

The Department of Finance said today: "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 cabinet colleagues today the Minister 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.”

The minister's call echoes an earlier call by FG MEP Brian Hayes, ahead of the Brexit vote

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