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Europe

Paris wins right to host EU's banking authority after Brexit

© Alice Dore, AFP | Logo

Text by NEWS WIRES

Latest update : 2017-11-20

The European Union has picked Paris as the new host for its London-based banking authority after Britain leaves the bloc, in a second drawing of lots in just one evening, following three rounds of voting that failed to produce a winner.

Paris tied with Dublin in the third vote and the Estonian chairman of the meeting then picked the winner according to a pre-agreed procedure.

Frankfurt, a leading EU financing centre that is home to the European Central Bank, lost out in the race at an earlier stage.

The European Banking Authority monitors the regulation and supervision of Europe's banking sector. It has a staff of about 180.

Earlier on Monday, a series of EU votes to pick a new site for the European Medicines Agency, also now based in London, also ended in a tie before Amsterdam won in the drawing of lots.

(FRANCE 24 with REUTERS and AP)

Date created : 2017-11-20

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