Minister Eoghan Murphy highlights Ireland’s EBA bid at Financial Markets Association World Congress

11.05.17

Friday 12 May 2017

Minister Eoghan Murphy highlights Ireland’s EBA bid at Financial Markets Association World Congress

Today (12-May-2017) Eoghan Murphy TD, Minister of State for Financial Services, addressed an international gathering of 400 finance professionals at Dublin’s Convention Centre.  At the Financial Markets Association’s (ACI) 2017 World Congress Minister Murphy took the opportunity to outline the priorities and activities for Ireland’s international financial services sector in advance of the Brexit negotiations.

In his address the Minister emphasised the need and relayed ongoing efforts to capitalise on the opportunities that will arise in a significantly altered European financial market landscape.

"The UK leaving the EU is obviously disruptive, and in our view it is negative disruption.  But there are some positives coming from this disruption.  We have a chance now to look again at our market for Financial Services and see how we can improve it.  In the area of supervision and regulation we are already seeing new proposals.  Some of which are very positive and will enhance protections and the integrity of the Single Market, and the businesses and citizens within the market."

Also given the current European Commission review of the European Supervisory Authorities, Minister Murphy outlined his role and that of the Department of Finance in promoting Ireland as a location of choice for the European Banking Authority.  The European Banking Authority is an important part of the European System of Financial Supervision that arose after the financial crisis.  At the most recent European Council it was stated that a procedure for deciding the location for the EBA will be agreed in June, with the potential for a decision on their new locations in autumn.

Irish interest to host the EBA was initially flagged by Minister for Finance, Michael Noonan T.D. in October 2016 and subsequently included in this year’s Action Plan under the IFS 2020 Strategy.  Since this declaration of intent, Minister Murphy and officials have working to advance the case for Ireland. In this regard Minister Murphy noted,

“The EBA, in some shape or form, must leave the United Kingdom.  It is key that it can continue its critical work with minimal disruption.  We strongly believe that relocation to Dublin is the best option and the least disruptive location for its important work and for its staff.  Our interest in hosting the European Banking Authority demonstrates the continued importance Ireland places in well-regulated Financial Services.  And in our bid we are signalling to the global financial sector the importance that Ireland places on the financial services sector."

ENDS

Friday 12 May 2017

For Further information:

David Byrne Press Officer pressoffice@finance.gov.ie +353 86 026 7978

Note for Editors

On the 25th of October 2016 Minister Noonan offered Ireland as the new location for the European Banking Authority. See the below press release from that time for further information: http://www.finance.gov.ie/news-centre/press-releases/minister-noonan-offers-ireland-new-location-european-banking-authority