Spain to Compete With Austria, Germany for EBA Headquarters

  • The European Banking Authority is currently based in London
  • Spanish government created a working group on Brexit impact

Spain will compete with countries including Austria to host the European Banking Authority as the U.K.’s decision to depart from the European Union forces it to seek a new home.

Spain formed a working group to weigh up the consequences of Brexit and to co-ordinate its bid to host the EBA and other EU agencies now based in the U.K., Acting Deputy Prime Minister Soraya Saenz de Santamaria said in a news conference on Friday in Madrid.

The U.K.’s decision last week to abandon the 28-nation bloc has led to a scramble by other countries to offer a home for agencies such as the EBA and the European Medicines Agency which are based in London. Austria’s Finance Minister Hans Joerg Schelling wrote to the EBA on Tuesday offering to host it in Vienna while Germany’s Bavaria government wants Munich to be the agency’s future headquarters, Sueddeutsche Zeitung reported Thursday.

“Spain is in a very optimal situation to bid,” for the EBA, said Saenz de Santamaria in a televised press conference. “We are aware that other countries are also proposing themselves.”

Any decisions regarding its possible relocation will have to be negotiated at EU level following a proposal from the EU Commission, the EBA’s spokeswoman Franca Congiu said June 24, one day after the referendum was held.

Before it's here, it's on the Bloomberg Terminal.