Brian Hayes MEP

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Warsaw and Milan now frontrunners for the EBA but Dublin has the most to offer – Hayes

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Warsaw and Milan now frontrunners for the EBA but Dublin has the most to offer – Hayes

Brian Hayes MEP today said today (Monday) that it has emerged that Warsaw and Milan are leading the fight to gain approval from large Member States for the European Banking Authority (EBA) to move to their jurisdiction.

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“It has emerged that there is consensus among some of the larger Member States that the preference for the EBA would be to go to either Warsaw or Milan following Brexit. Through discussions with government MEPs in some of the largest EU Member States, these two cities are seen as the most promising locations.

“Milan is seen as a positive option because it is understood that there was a de facto agreement in place that the three largest Member States would always host the three European Supervisory Authorities separately. With the UK leaving, this would leave Italy as the third largest Member State and Milan in position to take the EBA.

“The rationale for Warsaw is that it would be a fair compromise to keep the EBA in a non-Eurozone country in order to foster a strong economic connection between Euro and non-Euro countries. Giving the EBA to the UK in the first place was largely seen as a concession to non-Eurozone countries that they were firmly part of the EU’s economic architecture. This is a perfectly valid and understandable argument.

“Yet Dublin still remains the city with the most to offer. Ireland has come through one the worst banking crisis that the EU has faced and has come out successfully on the other side. The country’s supervisory and regulatory regime has been completely restructured and through this, Irish institutions have gained considerable expertise in banking supervision.

“Moving the EBA to Dublin would be a strong political message to smaller Member States to say that they have a serious role in shaping EU policy. The EU should not be in the business of allowing larger Member States to take all the spoils. This is about showing solidarity to all Member States, big and small, and saying that everyone can have a strong voice in the future direction of the Union. The government has a tough fight on its hands but it must continue to pursue the message of Dublin as the ideal location.

“There are over 150 staff at the EBA who want clarity about their future. This is a decision that should be taken quickly by EU Member States once Article 50 is triggered.

“Dublin has a range of practical advantages to offer the institution – it has excellent transport links, a very suitable infrastructure and hosts a major financial services sector.”

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