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Tuesday, November 21, 2017

Paris welcomes the new headquarters of the European Banking Authority

Employment, Local development, Services, Economy - Finances,-,

News Following Brexit, the European Medicines Agency (EMA) and the European Banking Authority were to be relocated in the other Member States of the European Union. Their new headquarters is finally known following a vote on 20th November 2017. 

With 170 employees, the EBA (European Banking Agency) is one of three agencies created in 2011 to regulate financial services, alongside the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA). Paris, already home to ESMA, considered it legitimate to also attract the regulator in charge of banks.

In addition to witnessing the first concrete and unpleasant effects of Brexit, the United Kingdom will also have to finance the relocation of these agencies. For the EMA, its lease runs until 2039 and the United Kingdom will remain liable for rent and charges until that date, for a total of 400 million euro.

Source :  LE MONDE (FR)


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