Relocating UK-based Agencies

Brexit, Special Report

Relocating UK-based Agencies

In four months, new destinations for Europe’s banking and medicines regulators will be decided by EU leaders in a vote triggered by Brexit. No longer able to remain in the U.K., the two prestigious agencies will be relocated elsewhere in the bloc.

For the hundreds of staff working at the European Medicines Agency and European Banking Authority and their families, this is a critical moment that will shape their lives. Likewise, for the cities bidding to welcome them, there is much at stake — political cachet and an economic boost.

With the end of July deadline for bids from countries hoping to host the agencies looming, this is POLITICO’s guide to what is happening and why it matters.

Who are the front-runners?

EBA: The front-runner is Frankfurt. The German financial hub leads the pack on attracting a big chunk of banking business, with major international firms like Citigroup, Deutsche Bank and most recently Mizuho planning on opening offices there. A recent poll by lobby group Frankfurt Main Finance found that 57 percent in the German financial industry believe the EBA will come to Frankfurt. But Paris is actively contesting Frankfurt’s bid and likely to veto any moves to merge the EBA with EIOPA.

EMA: Broadly speaking, the Western European and some Scandinavian countries appear to be front-runners. They have been the most vocal and open about their bids. Some, like the Netherlands, Ireland and Denmark, hosted events in Brussels to present their bids. This is in stark contrast to others like Bulgaria, Finland, Hungary and Slovakia, who are keeping bid details more quiet.

Read full article on POLITICO.EU:
Everything you need to know about the EU agencies leaving London because of Brexit
The fates of European Medicines Agency and European Banking Authority will be decided in November.

By Cat Contiguglia, Helen Collis and Carmen Paun 7/30/17, 5:35 PM CET Updated 8/7/17, 11:14 AM CET

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