The European Banking Authority (EBA) has announced that it is to relocate to Paris following the UK’s decision to withdraw from the EU.
The relocation follows the UK’s decision to withdraw from the European Union as the UK will no longer be a Member State of the EU once Brexit occurs, which is expected to be on 30 March 2019. The remaining 27 member states of the EU took the decision to relocate the EBA at the meeting of Ministers in the General Affairs Council (Article 50) on Monday 20 November 2017. It follows a period of consideration of options of where to relocate the EBA and the European Medicines Agency (which is to move to Amsterdam).
The move will take place during the Article 50 notification period which is expected to end on 29 March 2019 unless the UK and EU agree on a different date.
The European Banking Authority was established by regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA officially came into being as of 1 January 2011 and took over all existing responsibilities and tasks of the Committee of European Banking Supervisors.
