Cathal Crowe
Question:162. Deputy Cathal Crowe asked the Tánaiste and Minister for Finance the main policy achievements of his Department since 22 January 2025 [70523/25]
View answerWednesday, 10 December 2025
Questions (162)
Written answers
Since 22 January 2025, the Department of Finance has delivered a number of policy achievements, some key achievements include:
Statement of Strategy 2025 – 2028
My Department published a new Statement of Strategy in July which is informed by the Programme for Government “Securing Ireland’s Future” and outlines high level priorities for my Department. The Strategy sets out six Strategic Goals for the period 2025-2028:
(1) Balanced, sustainable economic growth
(2) Sound Public Finances
(3) Well regulated, sustainable banking and financial sector
(4) International leadership in economic, fiscal and financial decision making
(5) Promoting environmentally sustainable economic progress
(6) An organisation with a shared sense of purpose where our people are valued, supported and empowered to deliver our strategy.
As set out in the strategy, my Department’s mission is to lead in the achievement of the Government’s economic, fiscal and financial policy goals, having regard to the goals set out in the Programme for Government – Securing Ireland’s Future. It also takes into account the priorities and commitments laid out in the Civil Service Renewal Plan and the Public Sector Reform Plan, Frameworks and Action Plans and other overarching policy frameworks.
My Department will shortly be updating the current Statement of Strategy following my recent appointment as Minister for Finance.
Annual Progress Report 2025
The Annual Progress Report (APR) is a European legal requirement and replaces the annual Stability Programme Updates and the annual National Reform Programme in the European budgetary cycle; it is a key part of the reformed European fiscal architecture. The main purpose of the APR is for Member States to report on ex post expenditure growth outcomes versus planned expenditure in the previous year. The APR was published on 6 May.
Summer Economic Statement
The Summer Economic Statement (SES) was published in July. While not an EU requirement, it fulfils a number of important functions, including setting out the fiscal stance for the autumn Budget.
National Economic Dialogue
The National Economic Dialogue (NED) 2025, hosted jointly by the Department of Finance and the Department of Public Expenditure, Infrastructure, Public Services, Reform and Digitalisation, was held on 16 June. The NED is an important part of the budgetary cycle, and provides a forum for stakeholders to engage in an open and inclusive exchange on the social and economic priorities facing the Government. The overarching theme of NED 2025 was medium-term budgetary planning against a rapidly changing global backdrop.
Future Forty
Future Forty: A Fiscal and Economic Outlook to 2065, was published in November. This is a long-term economic and fiscal analysis to identify potential trajectories for the economy and public finances. Future Forty examines the long-term impacts of global megatrends and other structural shifts, focusing on seven critical areas: climate change and the green transition, demographics, housing, healthcare, digitalisation, deglobalisation and potential EU expansion.
Budget 2026
Budget 2026 introduced a number of tax changes to support households, the housing market, enterprise, SMEs and the Agricultural Sector, and climate action. An Action Plan for reform of Ireland’s taxation regime for interest was published as part of Budget 2026.
Local Property Tax (LPT)
The Finance (Local Property Tax and Other Provisions (Amendment) Act 2025 was enacted on 2 July 2025. This Act provides for a new method of calculating LPT liabilities in advance of the new valuation period set to commence in 2026, with reference to the self-assessed market values as of 1 November 2025. The filing deadline for LPT was 12 November 2025 and the next valuation period for LPT will run from 2026-2030.
Tax Strategy Group
The 2025 meeting of the Tax Strategy Group was held on 15 July, with papers published on 24 July. www.gov.ie/en/department-of-finance/collections/budget-2026-tax-strategy-group-papers/
Tax Expenditures
The annual Tax Expenditures Report was published on Budget Day. www.gov.ie/en/department-of-finance/publications/tax-expenditures-publications-and-guidelines/
Future Ireland Fund and the Infrastructure, Climate and Nature Fund
There were large transfers to the Future Ireland Fund and the Infrastructure, Climate and Nature Fund this year: the combined total in both funds now stands at over €16 billion, clearly demonstrating this government’s commitment to building up our buffers for the future.
Funds Review Implementation Plan
The Funds Review Implementation Plan was published in October, which aims to enhance Ireland's funds sector by implementing forty two recommendations from the "Funds Sector 2030" review, focusing on resilience, growth, and increased retail participation in capital markets. Thirty of the Funds Review recommendations are either complete, on a path to completion or progressing, while twelve recommendations remain under consideration.
State’s Shareholding in the Banking Sector
During 2025, the State continued to make good progress in reducing its shareholding in AIB from c.18.8 per cent at the beginning of this year to 0 per cent post the completion of the final share sale in June. A total of €3.6bn was recovered from the State’s investment in AIB during 2025 from the various disposals and the warrants transaction. This is an important milestone in delivering on the government’s policy of returning the banking sector to private ownership. The State retains a 57.4 per cent shareholding in Permanent TSB. The Board of PTSB is currently undertaking a Formal Sale Process (“FSP”), which presents the State with the opportunity to exit its last remaining shareholding in an Irish bank after 17 years.
Insurance Reform Agenda
On 24 July, Government published its new Action Plan for Insurance Reform in line with the Programme for Government commitments. The new Plan includes a comprehensive series of 26 targeted actions aimed at improving affordability, availability and transparency across the insurance sector under six key themes: transparency and affordability, competitiveness and availability, legal reform, fraud, climate protection, and innovation and skills.
The Cabinet Committee sub-group on Insurance reform was reestablished to oversee the implementation of the Action Plan.
Access to Cash Legislation
The Finance (Provision of Access to Cash Infrastructure) Act 2025 is the result of a recommendation in the Department’s 2022 Review of Retail Banking. After considerable research, consultation, and stakeholder engagement, the legislation was signed into law on 20 May and commenced on 30 June 2025. The objectives of the Act are to ensure sufficient and effective access to cash in the State; to provide a framework to manage future changes to the cash infrastructure in a fair, equitable and transparent manner; and to bring cash-in-transit providers and independent ATM deployers within the regulatory perimeter of the Central Bank of Ireland.
A Regulation (Section 5 Order) specifying the access to cash criteria was approved by Government on 18 November. This regulation and a second regulation (Section 10 Order) which sets the thresholds for Designated Entities under the Act, came into effect on 28 November 2025.
Finance (International Financial Institutions) Bill, 2025
The general scheme of Finance (International Financial Institutions) Bill, 2025 was published and pre-legislative scrutiny of the Bill took place during November.
Financial Literacy
In order to fulfil a recommendation from the Retail Banking Review and meet various international obligations, Ireland’s first National Financial Literacy Strategy was developed throughout 2024 and published in February 2025. The ultimate mission of the Strategy is to improve the level of financial literacy in Ireland through a vibrant financial literacy ecosystem – increasing cooperation, coordination and cohesion among stakeholders – and thereby supporting greater overall financial wellbeing and resilience.
Financial Services and Pensions Ombudsman (Amendment) Act 2025
The Financial Services and Pensions Ombudsman (Amendment) Act 2025 was commenced on 9 May 2025. The Act strengthens protections for financial consumers in Ireland by introducing amendments to the foundational 2017 legislation that underpins the Financial Services and Pensions Ombudsman, so that it can continue to carry out its statutory functions in line with the Constitution. The Act will significantly improve the consumer protection framework in Ireland.
Audio-Visual Tax Credits
The Scéal Uplift provides an additional tax relief to production companies producing small to medium sized productions. Finance Act 2024 provided for an uplift of 8 per cent to the Section 481 Film Tax Credit rate of 32 per cent, for feature film productions (including animation) with a maximum qualifying expenditure of €20 million. The aim of the uplift is to encourage and support smaller-scale Irish cinema, providing a range of opportunities for film creatives based in Ireland as they build their careers and expand their artistic ambition. The European Commission approved the measure in March 2025, and the underpinning Regulations were signed in May 2025.
A new tax credit for unscripted productions was introduced as part of Finance Act 2024. European Commission approval was received in June 2025 and following industry engagement, the credit is expected to be commenced soon.
Ireland’s Presidency of the European Council
The Department is accelerating work in planning for Ireland’s Presidency of the European Council in the second half of next year.