Minister for Finance Michael Noonan has officially offered Ireland as the possible new location of the European Banking Authority post-Brexit.

The EBA is the EU agency is responsible for harmonising banking supervision across member states.

As part of the negotiations associated with the UK's decision to withdraw from the EU, the authority will have to relocate to an EU country, from its current location in London.

The core areas of the EBA's work are regulatory policy, supervisory convergence and risk assessment, as well as consumer protection and financial innovation.

It has 159 employees from 25 different countries.

A number of other EU member states are reportedly interested in hosting the EBA but the Government said “Ireland, with its significant financial services sector and efficient transport links to other European capitals, is ideally suited for the Authority's relocation”.

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.”

Meanwhile, the Government has also given Health Minister Simon Harris approval for a campaign to relocate the European Medicines Agency, which has 885 staff members, to Ireland.

The Irish Pharmaceutical Healthcare Association welcomed the decision, saying Dublin is a hub of pharmaceutical innovation and research