The Government has made formal bids to host both the European Banking Authority (EBA) and the European Medicines Agency (EMA), currently based in London’s Canary Wharf.
It is understood that the Government is prepared to spend €10m to help with EMA staff and is offering to contribute almost €80m towards the agency’s rent and maintenance here.
But Dublin will face stiff competition from 18 rivals for the EBA and seven other cities to host the EMA according to details of the competition released by the European Commission.
The two regulators employ around 1,000 people in London and success in the competition will provide a boost to the economy and political prestige of the winning bidders.
In the running to host the EMA are: Amsterdam, Athens, Barcelona, Bonn, Bratislava, Brussels, Bucharest, Copenhagen, Dublin, Helsinki, Lille, Milan, Porto, Sofia, Stockholm, Malta, Vienna, Warsaw, Zagreb.
Cities hoping for the EBA are: Brussels, Dublin, Frankfurt, Paris, Prague, Luxembourg City, Vienna, Warsaw.
The applications will be assessed on guarantees the agency will be operational when the UK leaves the EU, accessibility of the location, schools for the children of the staff, access to the labour market and health care for the employees’ families, business continuity and geographical spread.
Ireland’s bids to host the agencies were submitted to the European Union on Monday.
The Department of Health said Dublin meets all of the criteria necessary to successfully host the EMA and presents an attractive option for the staff of the agency to relocate to.
Minister of State for Financial Services and Insurance Michael D’Arcy said a relocation to Dublin would be the least disruptive move for the EBA and its staff.
The cities are competing to attract the agencies’ highly skilled employees, their families and the business that comes with them.This includes 40,000 hotel stays for visitors each year.
A final decision on the relocations is due to be made in November after a secret ballot by ministers from the 27 nations.