1. What are your priorities as the new Minster of State at the Department of Finance?
It is a real personal honour to have been appointed to the Department of Finance with special responsibility for Financial Services, Insurance and Credit Unions. These are incredibly important sectors in their own right and while there is a considerable degree of overlap in the policies, given the degree of interconnectedness that exists in the industry in general, I do want to ensure I devote equal time to all three sectors.

In respect of Credit Unions, they have made significant progress in recent years in the delivery of financial services at a community level across Ireland. I believe there are huge opportunities for the sector to play an even greater role in the future. Credit Unions have a unique relationship with their members and are important source of competition for people looking for financial products. That unique relationship rests on a level of trust that has been built up in communities over many decades and gives Credit Unions a distinct advantage as it looks to the future.

The Insurance industry in Ireland is a vitally important pillar in our financial services industry accounting for roughly a third of all direct employment. There has been an ambitious reform agenda pushed through by this Government and the feedback from major international insurers indicates they are impressed with the pace and scale of our reforms to date. I want to work to build on this positive example of Government action and to continue to encourage a positive market sentiment amongst the insurance industry in Ireland. This is particularly important in order to correct the negative perception of the Irish insurance market and to encourage extra capacity from both new entrants and domestic providers.

Alongside our domestic industry, Ireland is an established player on the international scene and we are the largest exporter of insurance services in the EU. We are also the fifth largest market for direct insurance business, and the third largest market for reinsurance, after France and Germany. That combination of reform of the domestic market and support for the growth of insurance products from Ireland will underscore my commitments in this area.

And these are closely aligned with my responsibility for the Ireland for Finance strategy which is aimed at protecting and promoting the international financial services (IFS) sector. Over the years Finance Dublin has chronicled the growth of the IFSC from the north Dublin docks to what is a vibrant national industry which is enjoying record levels of direct employment.

All of the three areas which I have responsibility for are deeply interconnected while each has its own particular challenges. That being said, I am really looking forward to engaging with the decision makers and key stakeholders to focus on how I can work with them constructively to support their growth.

2. On the topic of growth – where do you see the opportunities under the Ireland for Finance strategy?
Notwithstanding the strong growth in direct employment in the IFS firms that are covered by the Ireland for Finance strategy, I see enormous potential for further gains in this vital sector of the Irish economy. I am keenly aware of the impact that the IFS sector has and the stable well paid employment it brings to the country.

IFS provides a range of opportunities for people across a diverse range of career choices in what is the for the most part highly regulated and well run industry. In addition to providing rewarding and impactful employment in its own right, the sector as a whole is a critical component part of the diversification of the Irish economy. The fact that we as a country enjoy such a robust economic position is down to the commitment to working with firms to grow investment in regional or global operations from Ireland. The talent of our people is the cornerstone of our proposition in IFS and I will work hard to take this to the next level.

Having had the privilege to serve as a Minister in the Department of Enterprise, where I worked closely with Enterprise Ireland and the IDA, I have an understanding of the factors that the leadership teams in firms look for in considering Ireland for investment.

What has been achieved in IFS is in many ways one of the most successful partnerships between Government and industry in the history of Irish economic life. I take my role in bringing this forward very seriously, and if my time is naturally limited by the electoral cycle, there is a benefit in knowing that I need to be focused on the most vital issues that are facing the sector.

I am looking forward to working with the leadership teams in industry to see where we can have the maximum impact and where we can do more and move faster. The team here at the Department have recently published the 2024 Action Plan which has maintained a focus on digital and sustainable finance as the core themes that are shaping investment in IFS. I will be working to ensure that as a Government our actions and policies in education, enterprise and infrastructure are aligned to delivering the conditions that will make further growth in IFS possible.

One area in particular that I am keen to progress with both the public and the private sector is making more of the regional opportunities for financial services. Over the years the sector, and IFS in particular, has developed beyond a narrow focus on our capital city into what is now a truly national industry.

There are excellent examples of regional clusters built around particular elements of the IFS ecosystem around the country. A defining characteristic of the success of these clusters is the focused collaboration with third level institutions that is creating a regional skills base dedicated to their particular talent requirements. While the time available to us is limited I will be looking to raise the profile of the regional element of IFS as a means of delivering future growth.

In tandem with championing the IFS sector at home, delivering on the potential of the sector and capitalising on the opportunities will mean engaging with the decision makers in key markets internationally. Ireland has excellent networks in the vital international financial centres and I will play my part by meeting with key decision makers in their boardrooms internationally to sell the Irish offering overseas.

3. Given the parallels between technology and financial services will fintech and digital finance remain at the forefront of the work of the Department of Finance?
Fintech and digital finance represent a key priority of the Ireland for Finance strategy and we have developed a reputation as a global hub for fintech and we are one of a few locations with a proven record of achievement in both financial services and technology. Under the Ireland for Finance strategy, there are range of projects and programmes to enable us to continue to leverage our strengths in both of these industries to ensure we continue to have a thriving fintech sector.

We continue to produce top-class fintech innovators who are delivering leading digital solutions to customers around the world. Enterprise Ireland is one of the largest investors in fintech start-ups globally and they support a portfolio of over 200 fintech and financial services companies which are helping expand into new markets with new tech inspired offerings. They play a crucial role in developing our indigenous fintech firms and helping them to scale.

We are also proud that Ireland hosts several leading global names within the fintech and digital finance arena. Many have chosen Ireland to establish their EU, EMEA or international headquarters. The support of Government and the state agencies are central to this success in promoting Ireland overseas and putting us in the frame for further investment in digital finance and fintech.

4. How will developments in the European Union influence this next phase of growth in the Irish financial sector?
Europe has been a defining element in shaping my career and my decisions as a public representative. I believe this is an exciting time for Ireland as a leading European financial centre and as we look forward to a new Commission with a new mandate following the European elections, it is worth emphasising the debates and initiatives underway that will in all likelihood shape the next development phase of the EU financial system.

The strategic initiatives I have referenced already on fintech under Ireland for Finance, and the work that has been done on climate and sustainable finance are closely aligned to the priorities of the current EU Commission and the commitment to financing a transition for Europe to a more green and digital economy in the future.

There has been considerable progress made by the EU in recent years on green and digital finance agenda – notwithstanding the impact of the pandemic and the return of armed conflict to the continent from the illegal and immoral Russian invasion of Ukraine. If we look to what will shape the next stage in the EU story it is hard not to see that security and enlargement emerging as priorities for the next Commission.

In addition to these external forces, there is a significant political consensus around reforming the Single Market, and this will have profound implications for financial services and Ireland. Delivering on the Capital Markets Union project is a focus of the crucial report by former Italian Prime Minister Enrico Letta on the Single Market. This landmark review will, I believe, make a strong case for the work on integration needed to deliver on the latent capacity of the EU in financial services. The report puts the figure for European savings at a staggering €33 trillion, and as the second largest domicile for investment funds in the EU Ireland has a role and a responsibility in helping to channel this capital towards our collective strategic goals.

My party colleague and Minister for Public Expenditure and Reform, Paschal Donohoe, has through his presidency of the Eurogroup, also made the removal of barriers to integration in financial services a priority. The Eurogroup has made detailed proposals that are likely to inform the work of the new Commission alongside the Letta report. I think it is important that we use this time now to assess how Ireland is positioned to both play an active role in delivering reform as a Member State, while also capitalising on the opportunities it will create for us as the largest English speaking common law jurisdiction.

These developments at an EU level put the importance of the ongoing Funds Review by the Department of Finance into sharp relief. Given we will hold the presidency in the second half of 2026, it is vital that we fully understand and appreciate the potential for Ireland and our financial services sector to achieve our full potential in the European system.

5. Regulation is a defining force in shaping the international financial services sector what will your approach to this be?
Having a robust independent regulator is central to the attractiveness of Ireland for international investment. The role of the Central Bank in overseeing the stability of the Irish financial system while at the same time playing its part in the Eurosystem of regulatory architecture is key to the success we have achieved. It is important to recognise the scale and scope of the IFS portfolio which covers all sectors, not just the iconic funds industry but regional and global banking, insurance, payments and capital markets infrastructure.

Given the intimate relationship that exists between regulated firms and their supervisory teams it is inevitable that industry feels the pressure of what can seem like an ever increasing list of compliance obligations. In my interactions with the Central Bank I will look to raise the need to maintain our competitiveness as a location for financial services activity while adhering to the highest standards of European and international regulatory standards.

In that regard I welcome the work underway at the Central Bank on innovation to allow for a better dialogue and exchange of ideas around new business models and how they interact with the existing rulebooks. I also welcome the independent review of the Fitness and Probity Regime which while allowing for the ongoing assessment of current applications, should also ensure that, going forward any changes to the regime provide for robust, fair and transparent processes in line with the current legislation.