EBA faces €3 million fee for Brexit relocation

The EBA moved to London’s Canary Wharf in 2014

The roughly 160-person European Banking Authority has been headquartered in London since it was founded in 2011 to draft and coordinate banking rules across the European bloc. In late 2014, it moved to new offices on London’s Canary Wharf.

A December 12 note, which the Committee on Economic and Monetary Affairs wrote for the European Parliament’s Committee on Budgetary Control, stated that the EBA’s lease agreement, which ends on December 8, 2026, “includes a break option after six years, triggering a penalty payment of 16 months’ rent equivalent to EUR3,246216”. The note was authored by Sander Loones, a Belgian MEP.

The EBA’s chairman Andrea Enria had made it clear that if the UK voted to leave the EU, the agency would have to move into one of the bloc’s remaining 27 member states. But six months after the UK’s Brexit vote it remains unclear as to where the regulator will move.

In October, the Irish government publicly declared its interest in housing the EBA. Spain, Amsterdam and Frankfurt are also said to be in the running to replace London as the organisation’s home.

The EBA did not respond to a request for comment.

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