The European Union’s plans to move its banking regulator from London because of Brexit will cost the watchdog more than €3 million, according to the European Parliament's Committee on Economic and Monetary Affairs.

The roughly 160-person European Banking Authority has been headquartered in London since it was founded in 2011 to draft and coordinate banking rules across the European bloc. In late 2014, it moved to new offices on London's Canary Wharf.