Brian Hayes MEP

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Hayes questions EBA Chairman on possible move to Dublin

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Hayes questions EBA Chairman on possible move to Dublin

Brian Hayes MEP today questioned European Banking Authority (EBA) Chairman Andrea Enria, in an ECON Committee meeting in the European Parliament, about the likelihood of the institution moving from London to Dublin following the Brexit referendum.

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“I wanted to stress to the EBA Chairman that moving the institution to Frankfurt or Paris would not make sense the main financial watchdogs (ESMA, ECB, EIOPA) are already based in those locations. Mr. Enria was clear in telling MEPs on the Economic and Monetary Affairs Committee that the decision on finding a new location for the EBA needs to be taken very quickly to give staff certainty. This is a decision that needs to be taken jointly by the European Parliament and Council through a legislative amendment to the EBA regulation.

“I believe the government needs to act quickly on this and needs to work hard in convincing European colleagues that Dublin is the ideal location for the EBA. We share the closest similarities with London; we have the same language, our business environment is very similar and our financial services activity is closely related to London’s. As a small Member State, we actually have real skin in the game in making the case for Dublin as the EBA’s new location – it would be a positive step for the EU to spread its financial supervisory expertise to a small country on Europe’s periphery, rather than opt for one of the large core Member States.”

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