The European Union has picked Paris as the new host for its London-based banking authority after Britain leaves the bloc.

The French capital won out ahead of Dublin after both cities were tied following the final round of voting at the European Council meeting in Brussels.

Lots were drawn to decide the EBA's new location and Paris was selected.

Frankfurt, a leading EU financing centre that is home to the European Central Bank, lost out in the race at an earlier stage.

Earlier, a series of EU votes to pick a new site for the European Medicines Agency, currently based in London, also ended in a tie before Amsterdam won in drawing of lots.

Absolutely gutted this evening after losing to Paris in EU vote to host EBA. Dublin beat all other cities + ended up in tie with Paris - only lost out after the Chair had to draw lots to decide a winner. Thanks to a great team, strategy worked but in the end luck was against us! — Simon Coveney (@simoncoveney) November 20, 2017

In a statement, Minister for Foreign Affairs Simon Coveney said: "The Irish Government made a very strong offer for the EBA to be located in Dublin.

"I wish to acknowledge the work carried out across Government departments and agencies on our bid, which was well-received around Europe and viewed as strong and very competitive."