Sunday 22 July 2018

Government bids for EU banking agency with €13.5m in rental support

Taoiseach Leo Varadkar. Photo: Steve Humphreys
Taoiseach Leo Varadkar. Photo: Steve Humphreys
Colm Kelpie

Colm Kelpie

The Government is to offer up to €13.5m in rental cost support to attract the European Banking Authority (EBA) to relocate to Ireland post Brexit.

It released its formal bid for the EU agency this morning, shortly after its bid for the European Medicines Agency (EMA) was published.

Read more: Government pledges €78m to help attract European Medicines Agency to Dublin

The Government believes that the figure will cover 50pc of the rental costs over a 10-year period.

The document states that €1m will be offered to help EBA staff and their families towards providing professional relocation services.

"Again, this is a sign of Ireland’s commitment to the EBA staff who are facing significant disruptions due to the move from London in a relatively short timeframe," the bid document states.

"In addition, our bid also outlines that a Relocation Group will be formed chaired by the Department of Finance and involving other relevant Government Departments and State agencies to aid the process of relocation via a whole of Government approach. The remit of this group will include ensuring the Headquarters Agreement between Ireland and the EBA is in place prior to its move to Dublin. The Agreement will include all the conditions offered by Ireland to the EBA and its staff."

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