The other contenders are Brussels, Frankfurt, Paris, Prague, Luxembourg, Vienna and Warsaw.

The Council said the applications will be assessed on the basis of six criteria agreed by the 27 member states.

These are that the new location guarantees that the agency will be operational when the UK leaves the EU; is judged to be accessible; offers schools for the children of the staff, and access to the labour market and health care for the employees' families; can guarantee business continuity; and ensures geographical spread.

The Commission will publish an assessment of the offers based on the agreed criteria by 30 September 2017. Ministers will have a political discussion based on the Commission's assessment in October 2017, with the decision to be taken in in November 2017 by a vote of the 27 ministers.

The European Banking Authority (EBA) works to ensure effective and consistent prudential regulation and supervision across the European banking sector. Its overall objectives are to maintain financial stability in the EU and to safeguard the integrity, efficiency and orderly functioning of the banking sector.

The main task of the EBA is to contribute to the creation of the European single rulebook in banking. This aims to provide a single set of harmonised prudential rules for financial institutions throughout the EU, with the intention of creating a level playing field for depositors, investors and consumers.

The EBA is also mandated to assess risks and vulnerabilities in the EU banking sector through regular risk assessment reports and pan-European stress tests.

Dublin is also one of 19 cities bidding to be the new home for the European Medicines Agency (EMA), which is also leaving the UK post-Brexit. The agency is responsible for the scientific evaluation, supervision and safety monitoring of medicines in the EU, and is essential to the functioning of the single market for medicines in the EU.