Eoghan Murphy to advance case for Dublin relocation with EBA during his London programme

29.01.17

Press Release

Monday 30 January 2017

 

Eoghan Murphy to advance case for Dublin relocation with EBA during his London programme

Today (30-Jan-2017) Eoghan Murphy TD, Minister of State for Financial Services travels to London to undertake an intensive round of stakeholder engagements to promote Ireland as the location of choice for financial services companies looking to access the European Single Market.

Pivotal to his programme is advancing Ireland's case as the obvious location of choice for the European Banking Authority. Ireland has a positive track record with hosting international organisations and has proven to be an attractive location for their international staff.

Considered in the wider context of ramping up Ireland's strategic objectives to both capitalise on and mitigate the downside effects of the working out of the Brexit process, Minister Murphy echoed Minister Noonan's view that all options must be actioned to support more trade as the route to more jobs and sustainable prosperity.

"Given the European Banking Authority's crucial role across Europe, we must ask ourselves what would be the least disruptive, and therefore safest place, to move the EBA to? That's Dublin. We have to prioritise minimising disruption of the banking supervision regime in Europe. In my view that puts Dublin at the front of the queue. So we're going to be very ambitious for this project. It also sits very comfortably with our ambitions for growing international financial services under the IFS2020 strategy."

The Minister's itinerary also takes in a seminar, organised by the London-Irish Business Society and Powerscourt, examining the many-sided uncertainty we face into this year. Minister Murphy will be joined in discussions by Governor Lane of the Central Bank, and leading London voices in the legal and academic worlds.

He will address an Irish Fintech showcase that will demonstrate Ireland's ambition for this nexus of the ICT and financial service sectors, both of which are strengths in Ireland's indigenous and FDI business landscape. This event includes speakers from Realex, J.P. Morgan, Fexco and Currency Fair, and is organised by the Fintech & Payments Association of Ireland with the support of IDA Ireland.

Looking forward to these events Minister Murphy emphasised,

"Last week's successful European Financial Forum focussed on the pressing issues affecting the global financial services community. I will continue to speak to these issues in London and elsewhere, and promote Ireland as a 'rock of certainty' in uncertain times."

Minister Murphy will also use the time on the ground in London to engage bilaterally with companies.

ENDS

EMBARGO 00:01 Monday 30 January 2017

 

Further information:

David Byrne - Press Officer - pressoffice@finance.gov.ie - 086 026 7978

 

 

Note for editors:

The European Banking Authority (EBA) was established in 2011 as the EU agency tasked with achieving a harmonised and integrated approach to banking supervision across the EU Member States. While supervisory authorities (including the ECB, where relevant) remain in charge of supervising individual banks, the EBA provides the common regulatory framework to be applied in a consistent way across the EU, in this way providing the basis for a single market for EU banking and contributing to financial stability across the EU.

The core areas of the EBA’s work are regulatory policy, supervisory convergence and risk assessment, as well as consumer protection and financial innovation. The EBA is currently based in a c.45,000 sq. ft. premises at Canary Wharf in London.

As part of the negotiations associated with the UK’s decision to withdraw from the EU it will be necessary for the European Banking Authority to relocate to an EU Member State from its current London location.

On the 25th October 2016, the Government agreed to make a public declaration of interest in Ireland becoming the location for the offices of the European Banking Authority.

Speaking at the time Minister for Finance, Michael Noonan T.D said:

“While the UK continues to be a full member of the EU until the negotiations for their exit have been completed, preparations must be made for eventualities such as the relocation of certain European agencies such as the European Banking Authority. Ireland has a significant financial services sector, efficient transport links to other European capitals and the capacity to absorb the European Banking Authority’s re-location to Ireland. Along with our IFS 2020 strategy, whose implementation is led by Minister of State [Eoghan] Murphy, our interest in hosting the EBA demonstrates the continued importance Ireland places in well regulated Financial Services. As a country with experience in providing links to banks and companies in the UK market, Ireland provides an ideal new home for the staff of the EBA.”

http://www.finance.gov.ie/news-centre/press-releases/minister-noonan-offers-ireland-new-location-european-banking-authority

Recently (24th January 2017) at the European Financial Forum, Dublin Castle, Taoiseach Enda Kenny TD said:

“The Government has made a public declaration of interest in Ireland becoming the location of the European Banking Authority, with a bid being led by the Department of Finance in collaboration with other State agencies. With its significant financial services sector and efficient transport links to other European capitals, Dublin is the ideal choice for the Authority's relocation.