Jonathan O'Brien (Cork North Central, Sinn Fein)
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217. To ask the Minister for Finance if he has expressed an interest in Ireland hosting the European Banking Authority if it is relocated following Brexit; and if he will make a statement on the matter. [20468/17]

Michael Noonan (Limerick City, Fine Gael)
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The European Banking Authority is an important part of the European System of Financial Supervision that arose after the financial crisis. It is key that the EBA can continue its critical work with minimal disruption following the decision of the United Kingdom to leave the European Union.

The Government made a public declaration of interest in hosting the European Banking Authority in October of last year. We strongly believe that relocation to Dublin is the best option for the important work of the EBA and the least disruptive location for EBA staff.

The public declaration was the first stage in letting the wider financial community know that Ireland wants to be considered as a host in the relocation process. Ireland has a significant financial services sector, efficient transport links to other European capitals and the capacity to absorb the European Banking Authority’s relocation 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.

The Department's role in promoting Ireland as a location of choice for the EBA is outlined in the current IFS 2020 strategy and since the declaration, Minister of State Murphy along with my officials are promoting Ireland as a location of choice for the European Banking Authority.

My officials have been engaging with relevant stakeholders in order to further progress the goal of relocating the European Banking Authority to Ireland. These engagements included meetings with the European Banking Authority and the European Commission in order to highlight the benefits of relocating the Authority to Ireland. The meetings have also sought to determine the needs of the European Banking Authority and its staff when they are moved from London. Minister of State Murphy also met with the Executive Director of the European Banking Authority earlier this year.

The ultimate decision on relocation of the European Banking Authority will be made by both the European Council and Parliament. However, I would point out that the European Commission is currently carrying out a review of the European Supervisory Authorities (of which the EBA is one). Included in this consultation is the option of merging the EBA with another authority based in Frankfurt. In addition, at the recent European Council it was stated that a procedure for deciding the location for the EBA and the European Medicines Board will be agreed in June, with the potential for a decision on their new locations in Autumn.