Paris swipes EBA from Brexit Britain

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Paris has beaten Dublin to swipe the European Banking Authority from London following Brexit, meaning the French capital will now host two of the three European Supervisory Authorities.

An internal survey of EBA staff ranked Paris as the most desirable city to move to after Vienna, which had been a frontrunner for the authority alongside Frankfurt, the Financial Times reports.

The French city offered one of the least generous packages in the fierce competition for the authority.

Staff transfers will begin in March 2019 and will be complete by that summer, with potential office space identified in La Défense and one other central Paris location.

The agency joins the European Securities and Markets Authority in Paris. Frankfurt hosts the third ESA, the European Insurance and Occupational Pensions Authority.

French president Emmanuel Macron has tweeted that he is happy and proud to have secured the agency and that it recognises the country’s commitment to Europe.