Frankfurt gunning for London-based EU bank regulator
Germany was gunning for a new EU super-agency on Wednesday, as it emerged it wanted to snatch the London-based European Banking Authority in the wake of Brexit to and merge it with the EU’s insurance authority, which is already based in Frankfurt.
The German government was said to have support from its French counterpart for its wish to merge the EBA and the European Insurance and Occupational Pensions Authority in the city.
Politico reported on Wednesday that two senior EU officials with knowledge of the situation confirmed that the proposal, known as the ‘twin peaks’ model, was being investigated.
“Frankfurt is one of the leading financial centers in Europe and a highly attractive location,” a German finance ministry spokesman was quoted as saying.
“The German government supports efforts to further strengthen Frankfurt as a location for the financial industry.”
Currently based in Canary Wharf, the EBA would need to relocate as the UK exited the European Union.
It’s understood officials from Rome, Stockholm and Warsaw had also made noises about attracting the EBA to their cities.