The EBA is currently located in London, but will move to one of the EU26 following Brexit.

The body is responsible for setting EU-wide technical standards and conducting stress-tests on banks inside the bloc.

Brussels, Dublin, Paris, Prague and Warsaw are also competing to host the institution, which employed 169 staff at the end of last year, according to its 2016 annual report.

“EU diplomats told Handelsblatt that Frankfurt’s application to host the regulatory authority was good, but that Vienna had a better chance of getting it,” the paper reported on 28 September.

“Vienna is scoring points for its quality of life.” Handelsblatt wrote:

“The [European] Commission’s assessment is based on the following criteria: the quality of available office space, transport infrastructure, international schools, healthcare and employment opportunities for the partners of EBA staff, and the ‘geographical balance,’ meaning that countries that already have major EU institutions shouldn’t get any more.”

The latter rules out Luxembourg, as well as Brussels, Frankfurt and Paris, the publication said. On the other hand, Austria is currently only home to one small EU agency.

The European Commission will issue a report card on each of the eight applications on 30 September. EU foreign ministers are expected to select the winning bid on 14 November.