Among Brexit’s first casualties was the European Banking Authority, or EBA, currently headquartered in London. With Britain exiting the European Union, it was immediately clear that the pan-European banking regulator would need to find a new home.
At a meeting of European finance ministers in Brussels, German Finance Minister Wolfgang Schäuble today suggested the EBA should be moved to Frankfurt, and merged with the European Insurance and Occupational Pensions Authority, or EIOPA, which is currently based in the city. A merger of the two bodies would be a “rational move,” he told the meeting. The main German financial authority, Bafin, already combines oversight of banks with regulation of the insurance industry.