Daily Management Review

Ireland wants to become a new home for London-based EU institutions


Ireland offered to host headquarters of the European Banking Authority, EBA in Dublin instead of London, reports Financial Times.

Bjørn Christian Tørrissen
Bjørn Christian Tørrissen
Irish Finance Minister Michael Noonan said that Ireland has experience in "nerworking with banks and companies in the UK market" and could be "a perfect place for the EBA’s staff" once Britain leaves the EU.

He also noted that the country has a well-developed financial services sector and transport links with other European countries.

In addition, the Irish authorities are interested in relocating the European Medicines Agency, EMA, which is now also based in London. Thus, the Irish government has shown that the country is ready to host the Pan-European institutions, says the FT.

Dublin is one of the centers of international financial services, aircraft leasing and insurance. Nevertheless, the banking center is not prominent there, which can lower the country’s chances to host headquarters of the EBA, writes the FT. Germany is likely to be a more attractive place to the organization.

Unlike Paris or Frankfurt, Dublin less willingly offered its candidature for a London successor after Brexit to European institutions. This is largely due to difficulties in relationship between Ireland and Britain, which have become even more complicated because of the British referendum’s results.

source: ft.com