The European Union has selected Paris as the new home for the European Banking Authority (EBA) after Britain leaves the union. EBA is currently based in London.

EBA evaluates risks in the EU banking industry through regular risk assessment reports and stress tests. Overall, eight cities, namely Paris, Brussels, Dublin, Frankfurt, Luxembourg, Prague, Vienna, and Warsaw offered to host EBA.

Paris won the race after beating Dublin in the final round. Frankfurt, which is home to the European Central Bank, lost out in the earlier stage.

Commenting on the development, EBA said: “The EBA is confident that France will support the Authority to ensure a smooth transition, which is crucial to continue delivering on its mission objectives of maintaining financial stability in the EU and safeguarding the integrity, efficiency and orderly functioning of the banking sector.”

The French government welcomed the decision and said that it will allow for over 150 direct new jobs in Paris.

“The French state and the Ile-de-France region are now fully mobilised via the one-stop shop resource called “Choose Paris Region” to assist all EBA staff on a case-by-case basis to ensure that the implementation of this decision is as smooth as possible and that their relocation happens in the best possible conditions. The attractive setting that will be offered to the agency and its employees will strengthen the credibility and ensure continuity in the work of a key actor for the financial regulation and supervision of the European Union,” the French government noted.