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BOE to Pay More to Move PRA Home From London’s Canary Wharf

The Bank of England will shift the planned Prudential Regulation Authority from London’s Canary Wharf district to more expensive premises near the central bank’s headquarters.

The Bank of England has signed contracts on 20 Moorgate in the City of London, the U.K. capital’s main financial district, according to an e-mailed statement released today. The building will house the PRA, which will be a unit of the central bank responsible for banking supervision when it takes over from the Financial Services Authority next year.

The estimated extra cost of relocating to Moorgate rather than continuing to use the FSA’s current offices is less than 1 million pounds ($1.6 million) a year over the next 15 years, the central bank said. The existing premises in Canary Wharf, London’s second financial district, are about 3.5 miles (5.6 kilometers) east of the Bank of England’s headquarters.

“Locating PRA staff close to the rest of the bank is highly desirable,” the Bank of England said in the statement. “The bank’s firm intention continues to be that prudential regulation will operate in the future at a lower real cost than it does now as part of the FSA.”

The central bank, advised by Drivers Jonas Deloitte and Clifford Chance, signed contracts on the property until July 2027 from the current tenant and by agreement with the landlord, a private fund managed by Bonn, Germany-based IVG Immobilien AG, it said.

The building was originally constructed in 2001 and provides 150,000 square feet (13,936 square meters) of office and support space, the statement said.

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