Dáil Éireann Debate, Thursday - 18 December 2025
230. Deputy Peter 'Chap' Cleere asked the Tánaiste and Minister for Finance the details of engagements he has had since taking office in relation to the EU Savings and Investment Union; and if he will make a statement on the matter. [72573/25]
Amharc ar fhreagraIn March 2025, the European Commission launched the SIU Strategy, which includes measures to advance the Capital Markets Union (CMU) project. The Savings and Investment Union (SIU) is the new term for the combination of the Capital Markets Union (CMU) and Banking Union. It is a key priority for this Commission’s legislative term.
From the outset, Ireland has been a strong supporter of the SIU at both Government level and also by key actors in our financial services sector. As such we will continue to actively be involved in progressing its associated measures.
In our view, we can deliver for all EU citizens most effectively through a model that is open to global capital and expertise, can exploit the benefits of existing marketplaces and infrastructures and build on the various centres of financial services excellence that already exist within the EU. As with the wider single market, competition, both from within the EU and outside our borders, will be what drives innovation and efficiency gains.
Ireland’s view is that we must take a pragmatic approach and that, in order to best advance the SIU and to truly deepen EU capital markets, we need to focus on areas where broad agreement can be reached and in a timely manner. To maintain momentum, we must work diligently and in close coordination with other Member States, the European Parliament and other stakeholders particularly to advance legislative files where progress is readily achievable.
In terms of engagements on the SIU since taking office, I have had the opportunity to attend the last ECOFIN meeting, which is a meeting of Finance Ministers from across the EU, where the recently released Market Infrastructure Package (MIP) was discussed. The MIP is a legislative package that falls under the umbrella of the SIU. At the recent Ecofin meeting I took the opportunity to have a range of meetings with other Ministerial colleagues, relevant EU Commissioners and other key EU institutional stakeholders. This file will remain a priority for my officials and I will continue to seek to find ways to advance matters in this regard.
