European General Affairs Council decides to relocate the EBA to Paris

The European Banking Authority (EBA) is moving from London to Paris. This was decided by the European General Affairs Council in a secret ballot on 20th November. The German government had also applied to host the EBA in Frankfurt am Main. The transfer of the EBA from London to another EU country is a direct consequence of the UK decision to leave the EU.

“We congratulate Paris on the relocation of the EBA, but we would have preferred a different decision because we believe that Frankfurt, all things considered, best meets the criteria stipulated to achieve the award,” says Dr. Lutz Raettig, President of the financial centre initiative Frankfurt Main Finance. “The award of the location to Paris means a greater decentralisation of financial market regulation and, in our view, signifies a political decision in favour of the principle of an EU-wide distribution of agencies and institutions. We remain optimistic about the future development of Frankfurt as a hub of financial activity.”

In addition to the Main metropolis and Paris, six other cities had applied to become the headquarters of the institution. The decisive criteria for the European General Affairs Council decision included a smooth continuation of operations, the timely provision of a suitable building, the transport infrastructure and international accessibility, the availability of living space, and the job, school and healthcare services available for the families of the employees.