Ireland to nominate finance minister McGrath for EU Commission

5 months ago 14

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Irish Minister for Finance Michael McGrath at the start of an Eurogroup finance ministers meeting in Luxembourg City, Luxembourg, 11 April 2024. [EPA-EFE/OLIVIER HOSLET]

The leaders of Ireland’s three governing parties agreed on Monday (24 June) to nominate Finance Minister Michael McGrath as the country’s representative on the European Commission, a source familiar with the matter told Reuters.

McGrath, who served as public expenditure minister for two-and-a-half years before moving to the finance brief in December 2022, was responsible for setting up a new sovereign wealth fund last year to ease future healthcare, pension and climate costs.

A spokesperson for the government could not immediately be reached for comment. The commissioner nomination, which is set to be formally approved by cabinet on Tuesday, was first reported by the Irish Times and Irish Independent.

The move will require the government to name a new finance minister to put together its final budget before elections that are due within months. National broadcaster RTE reported that McGrath’s replacement would be announced on Tuesday.

Under the coalition deal, the new minister will be chosen from the ranks of McGrath’s Fianna Fáil party (Renew) with Housing Minister Darragh O’Brien and junior ministers Dara Calleary and Jack Chambers named by local media as potential successors.

The outgoing Irish commissioner Mairead McGuinness is responsible for Financial services, financial stability and Capital Markets Union.