View more on these topics

Banking regulator picks Paris over London amid Brexit

Paris has beaten Dublin to swipe the European Banking Authority from London following Brexit, meaning the French capital will now host two of the three European Supervisory Authorities.

An internal survey of EBA staff ranked Paris as the most desirable city to move to after Vienna, which had been a frontrunner for the authority alongside Frankfurt, the Financial Times reports.

Paris offered one of the least generous packages in the fierce competition for the authority but has still been picked as the preferred city of relocation.

Staff transfers will begin in March 2019 and will be complete by that summer, with potential office space identified in La Défense and one other central Paris location.

The agency joins the European Securities and Markets Authority in Paris. Frankfurt hosts the third ESA, the European Insurance and Occupational Pensions Authority.

French president Emmanuel Macron has tweeted that he is happy and proud to have secured the agency and that it recognises the country’s commitment to Europe.

Recommended

Online-Shopping-Supermarket-Platform-Technology-700.jpg

Old Mutual: Replatforming costs are on track

Old Mutual has dismissed fears that the costs of its replatforming project would increase further as it confirms a date for its new platform to launch. In May this year, Old Mutual cut ties with technology provider IFDS after spending at least £330m on upgrading its systems with the firm. Having previously estimated the total […]

Lifetime allowance reform tops IFA Budget wishlist

Six in ten advisers want to see the lifetime allowance scrapped at the Budget this week, a new survey has shown. The poll points to an increasing dissatisfaction amongst IFAs that the £1m limit discourages saving. While the allowance will rise in line with CPI inflation from April 2018, some argue this does not go […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Makes sense, and hardly surprising, can they take the FCA with them as well ?

    Who do I call to put this suggestion forward ?

  2. The queue at the exit is getting longer. I guess it will get longer still.

  3. The loss of jobs and taxes will alone offset any payments made to the EU. It’s the cost of control.

    • Well, not really when it comes to tax, as employees of the EBA (& the Medicines agency too) are exempt from paying UK tax.
      Also, once we leave the EU, those employees who are British will have to leave, as I understand it, because one of the eligibility criteria for employment is that you must be a national of an EU or EEA member. So they will probably come back to a high-paid job in the UK that actually results in UK tax being paid, so a net gain!

Leave a comment