The Irish Government has made formal bids to host two agencies that will be relocated from the UK after Brexit.

Ireland's Department of Health and Department of Finance are competing against other EU countries to offer a new home to the European Banking Authority (EBA) and the European Medicines Agency (EMA), currently based in London's Canary Wharf.

The banking and medicines agencies employ just over 1,000 staff between them.

Bids from the two departments to host the agencies have been submitted to the Secretary-General of the Council of the European Union.

"Ireland's offer to host the European Medicines Agency (EMA) has today been submitted to the Secretary-General of the Council of the European Union," the Department of Health confirmed.

The department said that 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.

The 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.

Around 20 cities, including Dublin, Frankfurt, Luxembourg, Paris, and Prague, are understood to be keen to host the agencies.

They are all 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.

The banking and medicines agencies are seen as the first spoils of Brexit by the 27 remaining members of the EU.

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"The fact that the United Kingdom has decided to leave the European Union has resulted in significant disruption and uncertainty. For the EBA, its staff and their families, a move to Dublin is the least disruptive option," said Mr D'Arcy.

He added: "Our transport links to Europe, our culture, language and skilled multilingual education workforce make Dublin an attractive destination ahead of other potential locations.

"Given the economic and strategic benefits for Ireland, we are making a strong proposal which includes incentives to support the relocation of the EBA and the establishment of a Relocation Group to aid the relocation of the Authority."

Mr D'Arcy said the EBA's relocation to Dublin would further raise the country's profile as global leaders in the financial services sector.

The European Commission will assess the entries based on the quality of office space, job opportunities for spouses and transport links.

A final decision on the relocation is due to be made in November.