EU picks Paris as new host for European Banking Authority after Brexit

EU picks Paris as new host for European Banking Authority after Brexit”

Government spokesperson Christophe Castaner, the newly elected leader of Mr Macron's centrist Republic on the Move party, said the EBA would bring "tens of thousands" of banking jobs to Paris and lure Brexit-sceptic bankers to the French capital.

He wrote (in French): "Paris will welcome the EBA! Happy and proud of our country".

The decision was also hailed by Paris Mayor Anne Hidaldo, who said it was "a collective victory" which "shows once again the attractiveness of our capital and its financial market".

Earlier on Monday, a series of EU votes to pick a new site for the European Medicines Agency, also now based in London, also ended in a tie before Amsterdam won in drawing of lots. While 16 cities bid for the EMA, eight bid for the EBA, including Dublin, Warsaw, Brussels, Frankfurt and Luxembourg City.

The ministers also voted for a new home for the other large EU agency now located in London - the European Medicines Agency (around 900 employees) - which will move to Amsterdam.

The EBA which was created in 2011 when the financial crisis set in, makes the standards, puts supervision in place across the European Union and goes to run the biennial stress test for the bloc.

The Brexodus will begin immediately, with both agencies having to complete their moves from London by 30 March 2019, the day after Brexit day.

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