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Ceturtdiena 17.08.2017 | Name days: Oļegs, Vineta

EU plans to relocate the union’s banking regulator from London

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe European Union is currently preparing to relocate the European Banking Authority. This decision appeared after British voters supported the plan for their country to exit the European Union, as reported by Reuters with reference to anonymous sources.

According to Reuters, Paris and Frankfurt are two chief candidates to become headquarters for the European Banking Authority.

The European Banking Authority has 159 employees in London. Their relocation to a different EU town is expected «in the near future», as Reuters was told by two anonymous EU officials.

Jonathan Hill, Britain’s representative in the European Commission, announced on Saturday that he will step down. His duties will be delegated to EU Vice-President Valdis Dombrovskis, which, according to Reuters, proves that London’s finance centre will likely be excluded from the EU financial regulation and, possibly, Europe’s capital markets. The latter will depend on Britain’s exit from EU rules.

Reuters notes that Hill was an example of a many currencies financial system in the EU. Dombrovskis, on the other hand, is often called ‘Mr. Euro’ – a passionate defender of the united currency, who might reduce London’s importance in the EU financial system even more.

Although people who support Britain’s exit from the EU, claimed during the campaign that the country’s financial sector would blossom without EU regulations, many of the largest companies working in the sector, like J.P. Morgan, for example, have begun searching for base locations for their brokers, bankers and financial licenses in Europe.

All EU institutions are based in member states.  Andrea Enria‎, Chairperson of the European Banking Authority, had mentioned prior to the referendum in the UK that the institution will be relocated to a different place if UK residents vote in favour of leaving the union.

The authority’s press representative confirmed on Sunday that the EU will decide on relocating the European Banking Authority in the near future. Until then, however, it will continue working in London.

Britain’s financial sector, which employs 2.2 million people, including 90% of USA’s investment banks’ employees in Europe and 78% of capital market employees from other EU member states, remains attractive to other countries.

As it stands, the European Banking Authority could relocate to one of two largest financial centres in Europe – Paris or Frankfurt. Italy’s Milan has also expressed its interest to become its headquarters.

Ref: 102.109.109.0802


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