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Montevideo, September 23rd 2018 - 22:10 UTC

EU Banking and Medicine authorities moving out of UK

Tuesday, August 1st 2017 - 18:39 UTC
Full article 13 comments
The Irish government is marketing Dublin, with a brochure that highlights the city's business culture as well as “beaches and mountains on its doorstep”. The Irish government is marketing Dublin, with a brochure that highlights the city's business culture as well as “beaches and mountains on its doorstep”.
There will be fierce competition to attract the agencies' highly skilled employees, their families and the business that comes with them. There will be fierce competition to attract the agencies' highly skilled employees, their families and the business that comes with them.
Frankfurt - location of the European Central Bank and a major financial centre - is seen as favorite to get the EBA. But Paris is also keen to win that contest. Frankfurt - location of the European Central Bank and a major financial centre - is seen as favorite to get the EBA. But Paris is also keen to win that contest.

An estimated twenty European Union countries are expected to submit bids to provide a new home for two agencies that will be relocated from the UK after Brexit. The European Banking Authority (EBA) and European Medicines Agency (EMA), based in Canary Wharf in London, employ just over 1,000 staff between them.

The banking and medicines agencies are seen as the first spoils of Brexit by the 27 remaining members of the EU.

There will be fierce competition to attract the agencies' highly skilled employees, their families and the business that comes with them. This includes about 40,000 hotel stays for visitors each year.

Countries have printed glossy brochures, posted promotional videos online and hired lobbying firms.

Frankfurt - location of the European Central Bank and a major financial centre - is seen as favorite to get the EBA. But Paris is also keen to win that contest. And the Irish government is marketing Dublin as a location, with a brochure that highlights the city's business culture as well as “beaches and mountains on its doorstep”.

The contest has pitched larger countries against smaller ones from across the EU. Each country can bid to host one or both agencies. But it can only make one bid per agency.

The European Commission will assess the entries based on the quality of office space, job opportunities for spouses, good “European-oriented” schooling and transport links. Accessibility and efficient infrastructure are the top two agreed criteria.

Amid the rivalry to host the EMA, the Netherlands, Ireland and Denmark have hosted events in Brussels to promote their bids The number of states vying for the EMA is reckoned to be 21.

The 27 remaining EU countries are determined that the UK will pay the relocation bill, as Brexit was a UK decision.

Categories: Economy, Politics, International.

Top Comments

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  • The Voice

    Three quarters of the Medicine Authority staff don't want to leave the UK, probably same for the Banksters. All located at Canary Wharf.

    Aug 01st, 2017 - 07:47 pm 0
  • DemonTree

    They'd better start looking for new jobs then, hadn't they? And perhaps so should staff at the hotels in the area. They're hardly going to be the worst casualty of Brexit though.

    Aug 01st, 2017 - 09:50 pm 0
  • Tr0lListic_Approach

    The thing about all this that it is irreversible. Even if the UK wanted to return to the EU in the future, it will NEVER get the same special status and breaks it had now, and no agencies would relocate there. Nor would many banks, car companies, or others risk returning when you never know when the risk of pullout would again arise. Once bitten, twice shy.

    So the UK is better going it all alone now.

    Aug 01st, 2017 - 09:57 pm 0
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