EBA Staff in London Set To Be Offered Extra Time to Move After Brexit

Photo by David Jones/Flickr

Some staff at the banking regulator of the European Union, the European Banking Authority (EBA), will be offered extra time in London before being forced to relocate to Paris after Brexit.

The staff of the EBA that have children will be given the flexibility to remain in London even after the cut-off point in March 2019, when the United Kingdom leaves the European Union.

No formal request to the European Commission has been made to extend the London tenure of the EBA.

However, in an interview with Financial News, Andrea Enria, the EBA chair, said that the extension could be as long as “four or five months” to let the children of employees finish the school year.

The agency, which has about 180 staff, has coordinated the regulations that are covering both Eurozone and non-Eurozone nations earlier, even though after Brexit, it will lose the agency’s most important non-euro banking system.

The staff have been forced to move out of London after the Brexit vote, with the French capital overcoming a competitive and arcane process of bidding. Paris beat off other European banking centres, including Frankfurt, the German financial capital, and finally being victorious over Dublin following a tie when its name was pulled out from a hat.

The EBA presently has its headquarters on the 45th floor of One Canada Square that is located in Canary Wharf, a building that it shares with banks including the Bank of New York Mellon and  BBVA.