Ireland is bidding to become the new home of the European Banking Authority (EBA) after the United Kingdom leaves the EU, the Government has announced.

The Government made a public declaration of interest on the recommendation of Finance Minister Michael Noonan.

The EBA, which is tasked with achieving a harmonised and integrated approach to banking supervision across the EU member states, is currently based in London and will have to move after Brexit.

A number of EU states are interested in hosting the EBA, but the Government claims Ireland - due to its significant financial services sector and “efficient transport links” - is ideally suited for it.

Following a discussion with cabinet colleagues, Mr Noonan said: “While the UK continues to be a full member of the EU until the negotiations for their exit have been completed, preparations must be made for eventualities such as the relocation of certain European agencies such as the European Banking Authority.

“Ireland has a significant financial services sector, efficient transport links to other European capitals and the capacity to absorb the European Banking Authority’s re-location to Ireland.

“Along with our IFS 2020 strategy, whose implementation is led by Minister of State Murphy, our interest in hosting the EBA demonstrates the continued importance Ireland places in well regulated Financial Services.

“As a country with experience in providing links to banks and companies in the UK market, Ireland provides an ideal new home for the staff of the EBA.”