The European Banking Authority headquarters will move from London to Paris, as announced yesterday, as Britain loses both the EBA and the European Medicines Agency as part of the Brexit fall-out.
With Dublin and Paris vying for the new location of the EBA headquarters, the two cities were tied in the final round of voting at a meeting of EU Ministers; Paris won by the drawing of lots. Luxembourg lost out in the first round of voting and the pre-meeting favourite, Frankfurt, was knocked out in the second round. A total of eight cities applied to host the new EBA HQ.
Formed in 2011, currently the EBA has a staff of 167. Its mission objectives are to maintain financial stability in the EU and safeguarding the integrity, efficiency and orderly functioning of the banking sector.
Out of 18 cities who applied, Amsterdam pipped Milan for the headquarters of the European Medicines Agency.