Paris inherits European Banking Authority from London

Lester Mason
November 21, 2017

The European Union has picked Paris as the new host for its London-based banking authority after Britain leaves the bloc, in a second drawing of lots in just one evening, following three rounds of voting that failed to produce a victor.

The winning cities were chosen in a secret ballot in which ministers from the 27 European Union countries remaining in the bloc were deciding among 16 cities bidding for the EMA and 8 bidding for the EBA - Brussels, Dublin, Frankfurt, Paris, Prague, Luxembourg City, Vienna and Warsaw. But, in the second round, Paris tied with Dublin.

Dublin was a preferred candidate by the British that are losing EBA, in the hope tighter links to the City would smooth the transition.

"Paris will welcome the European Banking Authority!" Dublin initially had more votes than any other city but drew with Paris after Frankfurt was eliminated.

Amsterdam won the EMA run-off, wooing its 900-plus staff with promises of over 40,000 hotel rooms, brand new high-rise office space and proximity to the airport.

The Brexodus will begin immediately, with both agencies having to complete their moves from London by 30 March 2019, the day after Brexit day.

Other reports by Iphone Fresh

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