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BRIEF: ECB's Panetta-Time To Start Thinking Of NGEU Successor
UPDATE: 23 Cities Bidding For EMA, EBA Post-Brexit - EU
--Adds Frankfurt Main Finance comment, detail throughout
By Tara Oakes
BRUSSELS (MNI) - A total 23 cities from across the European Union are
bidding to host one or both of the agencies destined to leave the UK after
Brexit.
Of that, 19 cities have thrown their hat into the ring to be the new home
of the European Medicines Agency (EMA) and 8 for the European Banking Authority
(EBA).
Brussels, Dublin, Frankfurt, Paris, Prague, Luxembourg, Vienna and Warsaw
all sent in applications to host the EBA before the deadline passed at midnight
on Monday.
LUXEMBOURG
Luxembourg have touted their credentials as a potential EBA host due to
experience of hosting agencies -- as well as tabling an offer to house the EBA
rent-free.
A Luxembourg official on Tuesday could not confirm how long the offer of
free rent would stand for.
"I think sorting out the precise aspects of all that will be something that
has to come up later in the discussion," he said.
The official added that Luxembourg had the advantage of an already-existing
financial "ecosystem" with a large pool of potential future employees.
"We are not talking about starting from scratch here," the official added,
stressing that the agency is already operational and could continue to be so
when Brexit hits.
The small country can also lay claim to an arcane 1965 EU law which
intended that future institutions linked to the financial centre should in
principle be based in Luxembourg.
But, the source said, they were unwilling to play the 1965 card this time
and launch a legal debate which could destabilize the unity of the 27 remaining
member states and slow down decision-making.
FRANKFURT
Fellow heavyweight contender Frankfurt also have the historical precedent
card to play: they are already home to the European Central Bank (ECB), the
European Insurance and Occupational Pensions Authority (EIOPA), and the European
Systemic Risk Board (ESRB).
For Hubertus Vaeth, Managing Director of Frankfurt Main Finance, the
addition of the EBA to the mix would be a "very logical step" - particularly
since the extension of the ECB's mandate following the financial crisis to cover
a supervisory as well as a monetary role.
"It has taken part of the function of the EBA into the ECB, so it would be
sort of odd to have it spread across two locations," he told MNI. Frankfurt have
not yet openly offered free rent on EBA premises to match Luxembourg, but it
"could be considered," Vaeth said.
Vaeth added that the overlap between the duties of the EBA and ECB is "not
yet fully aligned" and that increasing their geographical proximity could create
"huge synergy" between the different bodies, helping to alleviate demands on
banks who currently face having to report the same information to both.
Given the overlap, some have mooted that the EBA could merge with one of
the other bodies for greater coherence at an EU level of supervision.
The Luxembourg official said that this possible future outcome should not
be part of the consideration for where to put the EBA now. For Vaeth, the idea
was "interesting" -- and would only be possible if the EBA was housed in the
same location as one of the other supervisory pillars.
Paris is the only fellow contender to house another one of the supervisory
bodies -- the European Securities and Markets Authority, or ESMA.
DOUBLE OR NOTHING
Dublin, Vienna, Warsaw and Brussels are also bidding to be home of the
larger EMA, which will be awarded first in the process. No country can host both
agencies, as per an agreement reached at the EU Council in June.
Athens, Barcelona, Bonn, Bratislava, Bucharest, Copenhagen, Helsinki,
Lille, Milan, Porto, Sofia, Stockholm, Malta and Zagreb are also bidding for the
EMA alone.
Some member states, notably the Baltic countries, haven't bid for either
agency.
The European Commission will now assess the applications according to six
criteria and present their deliberations on September 30. The General Affairs
Council will then discuss the EC's findings and vote on the new homes for the
agencies in November.
--MNI Brussels Bureau; +44 203-865-3851; email: tara.oakes@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: M$B$$$,M$E$$$,MC$$$$,MI$$$$,MR$$$$,MGB$$$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.