Tommy Broughan (Dublin Bay North, Independent)
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30. To ask the Minister for Finance if he will report on his recent announcement on putting Ireland forward as a location for the European Banking Authority, EBA; the next steps to be taken to ensure that Ireland is chosen as host for the EBA; and if he will make a statement on the matter. [33976/16]

Michael Noonan (Limerick City, Fine Gael)
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The Government has agreed 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 an important part of the European System of Financial Supervision that arose after the financial crisis.  None of the micro- or macro-prudential supervision entities that are part of this system is based in Ireland and there are no senior executives from Ireland heading any of these organisations.

This was the first stage in letting the wider financial community know that Ireland wants to be considered as a host in the relocation process.  This decision was taken due to the fact 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. Also our interest in hosting the European Banking Authority demonstrates the continued importance Ireland places in well regulated Financial Services and it has sent a signal to the global financial sector of the importance that Ireland places on the financial services sector.

Post the Government decision my officials will now engage with relevant stakeholders, to further progress the goal of relocating the European Banking Authority to Ireland post the completion of the negotiations between the EU and the United Kingdom. These meetings will include the European Banking Authority and European Commission in order to highlight the benefits of relocating the Authority to Ireland, such as the fact that Ireland would be a less disruptive relocation destination for the authority and its staff due to its close proximity to London, both geographically and culturally. These meetings will also aim to determine the needs of the European Banking Authority and its staff.

Finally, I would note that the process for relocating the European Banking Authority will be not be quick as it will be linked to the triggering of Article 50 by the UK and subsequent negotiations between it and the European Union.