Theo Waigel, former German federal finance minister, has assumed the position of special officer to handle the application submitted by the German federal government and the state government of Hesse in support of relocating the European Banking Authority (EBA) to Frankfurt. This was announced on Friday by Volker Bouffier, the prime minister of the State of Hesse. Currently domiciled in London, the EBA will have to be relocated to another member country of the European Union (EU) once the United Kingdom leaves the EU. Other EU countries alongside Germany would also like to secure the EBA. A decision on the authority’s future post-Brexit domicile is expected to be made in November 2017.
The financial centre initiative for Frankfurt am Main, Frankfurt Main Finance (FMF), expressly welcomes the appointment of Theo Waigel as special officer. “We are thrilled by this decision as it marks a clear commitment on the part of the German federal government. The attempts to base the EBA in Germany have received substantial support with this appointment. The former German federal finance minister possesses expertise, influence and diplomatic prowess. The decision to appoint Theo Waigel was a smart move,” says FMF managing director Hubertus Väth. “Theo Waigel enjoys great credibility and is passionately pro-European. He has close ties to Frankfurt not least of all thanks to his participation in the Frankfurt Finance Summit and a publication in the city’s year book. Together with Helmut Kohl, he was instrumental in launching the Euro.”