Paris inherits European Banking Authority from London

'Tired of fog? Try the frogs!': France tries to lure London banks post-Brexit

Paris inherits European Banking Authority from London


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Paris won the contest to succeed London as the new seat of the European Banking Agency, as it leaves London.

On a vote on Monday, Frankfurt, Dublin, and Paris made it to the second round. In the first round Dublin came first with 13 votes, leaving Paris behind with 10. But, in the second round, Paris tied with Dublin.

As in the case of the European Medicines Agency, Paris won by the flip of a coin, or more precisely by lot.

Dublin was a preferred candidate by the British that are losing EBA, in the hope tighter links to the City would smooth the transition.

The European Banking Authority has merely 167 staff, but has wide regulatory significance. The agency was founded in 2011 as a supervisory agency overseeing EU lenders.

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