Cathal Crowe
Question:56. Deputy Cathal Crowe asked the Tánaiste and Minister for Finance the main policy achievements of his Department since 22 January 2025; and if he will make a statement on the matter. [23076/26]
View answerWednesday, 25 March 2026
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Written answers
Previous PQ responses Dail Question No. 345 (Ref: 38754/25) answered on 15th July 2025 and Dail Question No 162 (Ref: 70523/25) 10th December 2025 respectively, summarised the policy achievements of my Department up to December 2025. I have included additional policy achievements since December in my response below.
Statement of Strategy 2026 – 2027
My Department published a new Statement of Strategy in January 2026 following my appointment as Minister for Finance. The new Strategy is informed by the Programme for Government “Securing Ireland’s Future” and outlines high level priorities for my Department.
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.
OECD Side-by-Side Package Agreement
On 5 January 2026, a Side-by-Side Package Agreement on Global Minimum Tax was approved and adopted by the OECD / G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), including Ireland. The Agreement delivers a solution which preserves the objectives of the Global Minimum Tax while allowing for co-existence with the US tax system and other qualifying regimes in the future.
Tax Credit for Unscripted Production
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 with regard to the regulations underpinning the credit, the measure was commenced on 23 December 2025.
R&D Tax Credit
The Research and Development Tax Credit and Innovation Compass was published in February 2026, setting out pathways for future development of tax policy in these areas over the medium term.
Publication of the Medium-term Fiscal and Structural Plan
Ireland submitted its first MTP in October 2024, shortly before the General Election. However, in line with regulations allowing for a revised Plan to be submitted following a change in Government, the Irish Government published a new Plan in December 2025 which was submitted to the European Commission on 9 January 2026.
Future Ireland Fund and the Infrastructure, Climate and Nature Fund
Building on large transfers to the Future Ireland Fund (FIF) and the Infrastructure, Climate and Nature Fund (ICNF) last year, further transfers of approximately €6.5 billion to the FIF and ICNF, were announced in October 2025 as part of Budget 2026. By year-end 2026, the two funds will have received total transfers of approximately €23 billion. These transfers illustrate the Government's commitment to build up fiscal buffers in order to prepare for known future challenges including ageing, climate and digitalisation.
Credit Review Service Legislation
The Credit Review Act 2026 was signed into law on 3 February 2026. It provides for the establishment of a body to be known as ‘An tSeirbhís um Athbhreithniú Creidmheasa’ (‘the Service’) and its functions. The Act provides for the review by the Service of certain credit decisions by lenders lending to SME or farm borrowers, the appointment of a chief executive officer to be known as the Credit Reviewer, and the repeal of section 210 of the National Asset Management Agency Act 2009 and the revocation of guidelines issued under that section.
Credit Demand Survey
The Credit Demand Survey 2024 was published in May 2025 covering the period January 2024 – December 2024. It is the most comprehensive survey of SME credit demand in Ireland covering over 1,500 SMEs. The survey continues to report on the core dataset built since 2011, while also ensuring that the survey is flexible enough to encapsulate emerging issues affecting the changing SME environment. Fieldwork has commenced for the 2025 edition of the survey and will be published in Q2 of 2026.
Insurance
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 implementation of the Plan is progressing, with two priority actions complete, including the Motor Insurance Transparency Code published on 2 March 2026, and the remaining nine on track for completion within their respective timeframes.
The Cabinet Committee sub-group on Insurance reform met on 25 February 2026 and will continue to oversee the implementation of the Action Plan.
Funds Review
The Funds Review was published in 2024. An Implementation Plan was published in October 2025, as committed to in the Programme for Government. At the time of publication, thirty of the recommendations were either complete, on a path to completion or progressing including completion of substantive recommendations on ETFs and the AIF Rulebook, both by the Central Bank.
Twelve recommendations remained under consideration, including four related to retail investment tax which will take account of developments at EU level. To address four of the outstanding recommendations, a Roadmap is being developed, for publication shortly, which will set out a proposed approach to simplify and adapt the tax framework to encourage retail investment. However, in the meantime, amendments were made in Finance Act 2025 to reduce the rate of taxation that applies to Irish and equivalent offshore funds and Irish and foreign life assurance products from 41 per cent to 38 per cent.
In line with a further recommendation, the first annual savings and investment forum is scheduled to take place at the end of this month. In addition, an amendment was made in Finance Act 2025 to support the growth of private assets through Investment Limited Partnerships.
As a result of the foregoing thirty-six of the forty-two recommendations are now either complete, on a path to completion or progressing, with the remaining under consideration.
Women in Finance Charter
Ireland’s Women in Finance Charter, is a public-private collaboration that was launched in April 2022 as part of the Ireland for Finance strategy. The aim of this is to improve gender balance at all levels within the financial services sector while increasing the participation of women at all levels within financial services organisations. The charter is led by industry and supported by government similar to the Balance for Better Business model.
The Department of Finance and the Department of Enterprise, Tourism and Employment provide the Government support. ESRI are the independent data partner for the initiative. New direct funding was announced in early 2026. The Department of Finance will provide €50,000 direct funding to the data partner role within the initiative. Following a competitive process, ESRI was selected to continue as the data partner.
The initiative has gained significant traction. As of March 2026, there are now 105 signatory firms to the Charter, which account for over 72,000 employees - representing 56% of all employees in the financial services sector.
Green Budgeting Budget 2026 – as part of the Beyond GDP - Quality of Life Assessment Budget Publication
Traditional measures of economic performance fail to capture fully the specific impacts of climate and environmental policies on the public finances, therefore green budgeting is undertaken by the Department of Finance, as part of the annual budgetary process (see Budget 2026: Beyond GDP - Quality of Life Assessment). Green budgeting is the process of documenting the impact of budgetary measures and wider fiscal policy on the transition to a more sustainable and climate friendly economy. The objective is to make Government action on climate change more transparent. Raising awareness and understanding of the climate impact of wider budgetary policy can help promote policy changes that will result in improved environmental outcomes.
State’s Shareholding in the Banking Sector
The State retains a 57.4 per cent shareholding in Permanent TSB. The Board of PTSB is currently undertaking a Formal Sale Process (“FSP”). The PTSB FSP is conducted by PTSB pursuant to the Irish Takeover Panel Act 1997. The process is overseen by the Takeover Panel and is subject to the Irish Takeover Rules. The FSP is open to suitable strategic and financial investors and is being conducted by PTSB and its advisers in accordance with the Irish Takeover Rules.