Frankfurt am Main – The European Commission published its assessment of the applications for the seat of the European Banking Authority (EBA). As a result of the United Kingdom’s withdrawal from the European Union (EU), the EBA must move its seat from London to an EU country. In addition to Frankfurt, seven other cities submitted applications for the EBA. Frankfurt Main Finance welcomes this commendably transparent application process. The EU Commission documents can be found here.
The financial center initiative Frankfurt Main Finance (FMF) believes there are substantial grounds for relocating the EBA in the Financial Centre Frankfurt. “When discussing settling EBA in London, two main arguments stood out. First, that London was one of the leading financial centres. Secondly, London could point to its regulatory competencies. These arguments hold for Frankfurt more than any other city within the EU. This is also confirmed by the majority of banks’ decisions to move to Frankfurt,” says Hubertus Väth, Managing Director of Frankfurt Main Finance.
“As the home of the European Central Bank (ECB), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Systemic Risk Board (ESRB), the Financial Centre Frankfurt is already the capital of European financial market supervision. Settling the EBA in a location other than Frankfurt would impose needless fragmentation on this unique ecosystem rather than strengthening it. As a direct consequence, this would also impose additional expenses on the banks, already suffering from the costs of Brexit,” Väth continued. “From our point of view, any rational implementation of the award criteria can only speak for relocating the EBA to Frankfurt.”
Contact Person for Media Inquiries:
Dr. Ralf Witzler
Frankfurt Main Finance e.V.
60594 Frankfurt am Main
Telephone 069 94 41 80 – 50
Telefax 069 94 41 80 90
Frankfurt Main Finance
Frankfurt Main Finance is the voice of the leading financial centre in Germany and the euro zone, Frankfurt am Main. The initiative has more than 40 members including the State of Hesse, the cities of Frankfurt and Eschborn, and dozens of prominent actors in the finance sector. Through their membership and engagement, they all demonstrate their close relationship to Frankfurt and desire to position Frankfurt amongst the top national and international financial centres. Frankfurt Main Finance leverages the influence of its members to advocate for the Financial Centre Frankfurt and provide high-caliber dialogue platforms. For more about Frankfurt Main Finance and its members, please visit www.frankfurt-main-finance.com.