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European Banking Authority to move to Paris

Jaclyn Jaeger | November 21, 2017

The European Banking Association will move to Paris, France, in light of the U.K.'s intention to withdraw from the European Union.

On 20 November 2017, the EU 27 member states selected Paris, France, as the new seat for the European Banking Authority (EBA) in the margins of the General Affairs Council (Art. 50). Eight countries—Austria, Belgium, the Czech Republic, France, Germany, Ireland, Luxembourg, and Poland—had submitted bids to host the EBA.

The EBA works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Among other tasks, the EBA assesses risks and vulnerabilities in the EU banking sector through regular risk assessment reports and EU-wide stress tests.

In a statement, the EBA said it welcomes the Council's decision: "This is an important decision for the Authority that guarantees a seamless continuation of its activities by reassuring its current and future staff over the new location and putting an end to a period of uncertainty."

The EBA said it is "confident that France will support the Authority to ensure a smooth transition, which is crucial to continue delivering on its mission objectives of maintaining financial stability in the EU and safeguarding the integrity, efficiency and orderly functioning of the banking sector." 

The Commission will now prepare legislative proposals reflecting today's vote for adoption under the ordinary legislative procedure, with the involvement of the European Parliament. The Council and the Commission are committed to ensuring that these legislative proposals are processed as quickly as possible in view of the urgency of the matter.

The news of the EBA move came on the same day that it was announced that the European Medicines Agency will move to Amsterdam, the Netherlands.