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European Banking Sector

Dáil Éireann Debate, Wednesday - 5 July 2017

Wednesday, 5 July 2017

Questions (34)

Stephen Donnelly

Question:

34. Deputy Stephen S. Donnelly asked the Minister for Finance the level of support the Government is offering to relocate the European Banking Authority to Ireland; and if he will provide the associated cost suggested. [25705/17]

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Written answers

The EBA is an integral part of the European System of Financial Supervision that was established after the financial crisis. It is key that the Authority can continue its critical work with minimal disruption during the transition to a new location.  The view of the Government is that relocation to Dublin would result in the least amount of disruption for both the Authority and its staff.

The Government made a public declaration of interest in hosting the European Banking Authority (EBA) following the decision of the United Kingdom to leave the European Union.

We have been actively supporting our bid both at Ministerial and senior official levels, backed by the wide circulation of a Government endorsed promotional brochure.

Interested Member States must submit their formal offers to host the Authority by 31 July 2017. As part of the offer, Member States are asked to specify any special conditions offered in hosting the EBA with regard to costs and infrastructure. No decision has been made at this point on offering any special conditions as part of our bid.

The formal offer will set out how Dublin as a location best meets the criteria put forward by the President of the European Council and the President of the European Commission, and specify any proposed supports being offered and the associated costs.

Once the formal offer document is completed, I will bring it to Government for approval prior to 31 July deadline.

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