EBA leaves London for Paris

Below you can read the full press release from the European Banking Authority regarding its move to Paris:

European Banking Authority (EBA) welcomes the Councils decision on its relocation to Paris, in light of the UKs intention to withdraw from the EU. This is an important decision for the Authority that guarantees a seamless continuation of its activities by reassuring its current and future staff over the new location and putting an end to a period of uncertainty. The EBA is confident that France will support the Authority to ensure a smooth transition, which is crucial to continue delivering on its mission objectives of maintaining financial stability in the EU and safeguarding the integrity, efficiency and orderly functioning of the banking sector.

The European Banking Authority, established on 1 January 2011 as part of the European System of Financial Supervision (ESFS), is an independent EU Authority which works to ensure prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.

The Authority also plays an important role in promoting convergence of supervisory practices and is mandated to assess risks and vulnerabilities in the EU banking sector.