|© Hessen Trade & Invest GmbH|
After the cities competing for the new headquarters of the European Banking Authority (EBA) are fixed, Hessian Prime Minister Volker Bouffier still sees a strong likelihood that Frankfurt will be the future location. Now that Great Britain is exiting the European Union, the European Banking Authority must relocate from its current London headquarters to another EU member state.
"Owing to the combination of very good infrastructure, many international banks and insurance companies, as well as the existing structure of the European Central Bank, the European Insurance and Occupational Pensions Authority (EIOPA) and the German Central Bank, the German Federal Financial Supervisory Authority (BaFin), the European Systemic Risk Board (ESRB) and the European Single Supervisory Mechanism (SSM), Frankfurt is the most important financial center in continental Europe. The establishment of the Banking Authority would therefore be a logical further step that creates additional synergies to ensure a powerful and efficient supervision of the financial markets for the entire EU. Since Brexit was announced, the Hessian state government has strongly promoted Frankfurt’s location for the EBA headquarters and sees an important partial success in the federal government’s application. Even if there are numerous competitors, the metropolis on the Main is well positioned," said Prime Minister Volker Bouffier.
In addition to Frankfurt, other cities have applied at the European Council for the EBA headquarters: Dublin, Luxembourg, Prague, Paris, and cities in Austria and Poland. The decision on where to relocate the EBA location will be made in Brussels, in the meeting of the EU Council of Ministers on November 20, 2017 through a secret vote of the 27 EU countries – without Great Britain. The federal government’s application for the Frankfurt location on behalf of the Federal Republic of Germany can be seen on the website of the Federal Finance Ministry.