Friday 23 February 2018

'Ireland provides an ideal new home for the European Banking Authority' - Michael Noonan

* Spain, France, Poland, Italy among competing nations
* English-speaking Ireland sells location, track record

Michael Noonan
Michael Noonan

Ireland put itself forward as the latest candidate to lure the European Medicines Agency (EMA) and the European Banking Authority (EBA) should they uproot from London after Britain's vote to leave the European Union.

Ireland's economy is considered to have more to lose from Brexit than any other in the EU because of its close trade ties, but it could also benefit from the relocation of agencies such as the EMA or EBA as well as multinationals and banks.

The country's low tax and business-friendly environment has made it a favoured destination of some banks and big international companies, and nine of the world's top 10 pharmaceutical companies have operations in the country.

Dublin would face competition, however, from cities in Spain, France, Sweden, Poland, Italy and Austria, which are already vying to entice the two agencies.

"As a country with experience in providing links to banks and companies in the UK market, Ireland provides an ideal new home for the staff of the EBA," Finance Minister Michael Noonan said in a statement.

Irish Health Minister Simon Harris, announcing Dublin as a candidate to house the EMA, said it appeared inevitable that the EMA would have to relocate from London to another EU member state. He stressed Ireland's advantage as an English-speaking country and said the government would develop a detailed proposal by early 2017.

Housing the industry regulator helps a city attract more companies and investment in those sectors, as London has seen with financial services and life sciences.


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