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Euro Banking Supervisor Should Be Based in Dublin, Mayor Says

Oct. 23 (Bloomberg) -- Dublin Mayor Naoise O’Muiri is urging European leaders to establish the euro-area’s planned banking supervisor in the home of the world’s biggest banking crisis per capita since the Great Depression.

“Locating the Euro’s Bank regulator in Dublin would be a symbolic and practical reward for the promises Ireland has kept,” the city mayor told an audience in Berlin on Oct. 19, according to a copy of a speech on his website. It “would gain in authority from being positioned in the capital that knows best the horrendous cost of lax financial regulation.”

O’Muiri, a member of Prime Minister Enda Kenny’s ruling Fine Gael Party, said that Frankfurt should be out of the running to hold the regulator as Germany doesn’t want the supervisor to cover smaller German banks and landesbanken. London also appears to be moving away from the European project, he said.

The Irish state has pledged or injected 64 billion euros ($83 billion) into the financial system since its decade-old property boom collapsed in 2008 and the country requested an international bailout in 2010.

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To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net

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