Luxembourg Bids to Host European Banking Authority

According to Luxembourg for Finance, the Luxembourg government has officially submitted its bid to host the European Banking Authority (EBA).

Thus Luxembourg follows a call for offers by the European Council published in June. A European capital, already home to the EU’s judicial and financial institutions, and the Euro area’s leading financial centre, Luxembourg is the natural choice to host the EBA.

Based in London, the EBA, together with the European Medicines Agency, is directly affected by the decision of the UK to leave the European Union and will have to be located in a European Member State by March 2019, the date of the UK’s official withdrawal from the EU. With its diverse banking industry covering the entire range of services from corporate and investment banking, private banking, custody and trustee services to fund management, listing and post-trading services, Luxembourg serves as the EU hub and competence centre for numerous international banks. It is therefore not surprising that Luxembourg ranks as the Euro area’s leading international financial centre (GFCI 2017). Not only does Luxembourg serve as a gateway to the EU market, but also as an international platform for European banks with a global reach.

Since 1965, Luxembourg, a founding member of the European Union, has become a truly European Capital, hosting the EU’s financial and judicial institutions such as the European Court of Justice and General Court, the European Court of Auditors, the European Stability Mechanism, the European Investment Bank and the European Investment Fund amongst others.

With state-of-the-art office space and ICT infrastructure with ultra-low latency internet connectivity, a broad choice of conference and meeting venues, as well as hotels, Luxembourg provides ideal conditions to provide seamless business continuity. Within easy reach of the EU’s capitals and in the middle of Europe’s largest cross-border region, it is home to many expatriates from all over the world and offers a dynamic labour market. Its international dimension is reflected in the country’s unique multilingual schooling system for European and international pupils. The country’s generous social system and high-quality healthcare, combined with an excellent quality of life, make Luxembourg the natural choice to host the EBA.