Written Answers Nos. 65-84
67. Deputy Emer Currie asked the Tánaiste and Minister for Finance if his Department has conducted an economic assessment or is planning any strategic initiatives to protect Ireland’s Funds sector in light of increased international competition. [10520/26]
Amharc ar fhreagraIreland hosts a strong and diverse international financial services industry; we are a global centre of excellence with a key role as a gateway to the EU for asset managers and a distribution centre for funds worldwide. The latest estimate from the IDA and Enterprise Ireland indicates that just over 60,000 are directly employed in the international financial services sector. Furthermore, in terms of those working in the financial services industry (domestically and internationally focused) in Ireland, there are over 120,000 people employed, and these jobs are regionally spread throughout the country, employing highly skilled workers in almost every county. Work is currently underway on a successor strategy to Ireland for Finance, the whole-of-Government strategy for the development of the international financial services sector in Ireland. Anticipated for launch later in 2026, the new strategy will be informed by a wide range of national and international stakeholder engagement, public consultation and research.
The Department of Finance undertook a review of the Funds industry in 2023 and the resulting Funds Review 2030 was published in October 2024. The review identified forty-two recommendations to continue to grow this important sector of our economy. An Implementation Plan for this Funds Review was published in October 2025. This document includes a full breakdown of the recommendations and those responsible for their implementation.
Of the 42 recommendations, the most substantive were categorised into four cohorts:
Grow Exchange Traded Funds
Grow Private Assets
Grow Retail investment
Address the risks and enhance transparency in structured finance.
The recommendations to grow Exchange Traded Funds have been delivered by the Central Bank. The recommendations to grow private assets involves legislative, regulatory and tax changes. These are on track for completion in 2026. Ongoing extensive engagement is in train with the industry and with the Department of Enterprise, Tourism and Employment on changes sought to the 1907 Limited Partnership Act.
In recognition of the importance of encouraging retail investment, Finance Bill 2025 provided for a reduction in the rate of taxation on returns from Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38%.
As part of Budget 2026, the government announced its intention to publish a roadmap in 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills. The roadmap will take into consideration developments at EU level in respect of the Savings and Investments Union, including the European Commission’s Recommendation on the availability of Saving and Investment Accounts in the Member States, drawing upon best practice in other countries who operate successful savings accounts. I look forward to receiving proposals from my officials on this shortly.
With regard to the recommendations to address risks and support transparency in special purpose entities (SPEs), these remain under consideration. My officials are collaborating with the Department of Justice and other Departments to strengthen the Anti-Money Laundering and the Countering the Financing of Terrorism frameworks.
68. Deputy Emer Currie asked the Tánaiste and Minister for Finance to outline in detail his Department’s concerns over possible tax avoidance in the context of the consideration of measures to increase retail investment in Ireland. [10521/26]
Amharc ar fhreagraI am advised by the Revenue Commissioners that a ‘gross roll-up’ applies under the domestic fund regime such that there is no annual tax on income or gains arising to a fund. Instead, exit tax arises in respect of payments made to certain unit holders in that fund or on the sale of units by those unit holders. The fund has responsibility to deduct the exit tax. Exit tax applies at a rate of 38 per cent (with effect from 1 January 2026) in respect of Irish resident individual investors unless the fund is a Personal Portfolio Investment Undertaking.
In the case of regulated funds located in other EU/EEA countries, as such funds are subject to the same regulation as Irish funds, the tax treatment of an investment in such a fund is similar to that which applies in respect of an investment made in an Irish domiciled regulated fund. Investments in funds located in other OECD member states, where the fund is substantially similar to an Irish fund, are also taxed on a similar basis to investments in Irish funds. An EU/EEA or OECD domiciled fund cannot apply Irish exit tax. Therefore, Irish investors are required to account for this tax through the self-assessment system at the rate of 38% for individuals (with effect from 1 January 2026).
A Personal Portfolio Investment Undertaking as defined in section 739BA of the Taxes Consolidation Act 1997 is a fund, either domestic or offshore, where the selection of the property of the fund was, or can be, influenced by an individual who is the investor i.e. the investor, or certain connected persons, who places personal investments within a fund. Personal Portfolio Investment Undertakings were created to gain access to the gross roll-up regime which allows the income and gains to roll-up within a fund without suffering tax. The higher rate of tax of 60 percent applies to a gain arising on a chargeable event with respect to a Personal Portfolio Investment Undertaking.
Finance Act 2006 introduced an anti-avoidance measure, the eight-year deemed disposal, for all investments that benefit from gross roll-up: that is, investments in Irish funds, investments in life policies and investments in offshore funds that are similar to Irish funds. The eight-year deemed disposal was introduced as a new category of ‘chargeable event’. This amendment was designed specifically to prevent the avoidance of tax by the indefinite roll-up of income and gains and the associated loss of tax to the Exchequer. A deemed disposal occurs eight years following inception of a policy of life assurance or acquisition of a fund and then every eight years thereafter. The deemed disposal rules also apply to equivalent offshore funds. Any gain on the investment which arises from the date of inception or the date of acquisition to the date of the deemed disposal is subject to tax. This ensures that income isn’t being rolled up in life assurance policies or funds without being taxed. On the ultimate disposal of the investment any tax paid which arose as a result of a deemed disposal is allowed as a credit against any final tax liability on disposal.
This is a complex area of taxation that encompasses a wide breadth of tax legislation on domestic funds, life assurance products and offshore funds. Detailed consideration is therefore being given to the best way to bring about the necessary reforms and to support a greater level of retail investment in capital markets.
A Roadmap is currently being developed, for publication in the coming months, which will set out a proposed approach to simplify and adapt the tax framework to encourage retail investment. However, as articulated in the Funds Review report, changes to these rules require guardrails to protect the Exchequer and ensure that appropriate taxation is paid. A balance between supporting retail investment while retaining important and necessary anti-avoidance protections, taking account of potential Exchequer impacts is required. This aspect is being considered as part of the work underway on the roadmap for the taxation of retail investment. This work will also take account of developments at an EU level in respect of the Savings Investment Union.
69. Deputy Emer Currie asked the Tánaiste and Minister for Finance the details of the number of businesses who registered and provided returns for the first accounting period for the tax E-liquid products tax (EPT) which were due to be submitted by 31 January 2026 and which covered the period from 1 November until 31 December 2025; to further provide details on the volumes and values of supplies of e-liquid products subject to the EPT in that period, the total tax collected, and any breakdown by geography or size and type of business making the return; and if he will make a statement on the matter. [10526/26]
Amharc ar fhreagra70. Deputy Emer Currie asked the Tánaiste and Minister for Finance the measures being put in place to monitor compliance rates with the requirements of the E-liquid products tax following the passing of the deadline for the returns for the first accounting period. [10527/26]
Amharc ar fhreagraI propose to take Questions Nos. 69 and 70 together.
E-Liquid Products Tax (EPT) came into effect on 1 November 2025. The tax applies to first supplies of e-liquid products in the State made from that date at the rate of €500 per litre. Businesses who engage in the first supply of e-liquid products in the State are obliged to register and account for the tax. The first accounting period for the tax ran from 1 November until 31 December 2025. Returns for that period were due to be made by registered suppliers by 31 January 2026.
I am advised by Revenue that preliminary data indicates that over 60 suppliers have registered for EPT so far and provisional receipts for the initial accounting period are €1.3m. Revenue is not yet in a position to publish a geographic or business profile of the EPT receipts. Furthermore, I am advised by Revenue that, due to its obligation to maintain taxpayer confidentiality, as provided for in Section 851A of the Taxes Consolidation Act 1997, and to uphold its Statistical Disclosure Control Protocol, data in relation to EPT broken down by geographic location and the size and type of business may not be possible due to the limited number of taxpayers. Revenue only provide data in relation to groupings of 10 or more taxpayers. More information on Revenue’s Statistical Disclosure Controls can be found on the Revenue website at https://www.revenue.ie/en/corporate/information-about-revenue/statistics/about/statistical-disclosure-control.aspx .
The Deputy has asked about Revenue’s compliance programme for EPT. I am advised by Revenue that in designing the tax, a number of key administrative issues were considered including clear identification of what is to be taxed, the basis of assessment, the point of taxation and the liable person. Central to these considerations was ensuring that the tax was designed to encourage voluntary compliance by minimising the administrative burden on compliant taxpayers while enabling Revenue to identify and address non-compliance.
As with all taxes, Revenue’s focus in relation to EPT is on providing support to taxpayers who are seeking to comply with their obligations, while actively working to identify and pursue those who are not. Revenue is undertaking the appropriate compliance work to ensure that businesses are properly registered for supply of e-liquid products.
EPT is collected on a self-assessment basis and compliance with the law is enforced using the full range of compliance interventions and enforcement provisions for self-assessed taxes. Revenue compliance interventions are undertaken on a risk-assessed basis and EPT may be examined as part of cross tax head checks. Revenue fully utilises a comprehensive legislative framework that has been enacted by the Oireachtas to support its work against those who do not comply with their tax obligations, including EPT.
In its Annual Report, Revenue publishes details of its own compliance activities across all taxes and duties. Revenue also publishes lists of tax defaulters on a quarterly basis. This list includes details of persons who have made a settlement with Revenue or for whom the Court has determined a penalty relating to a settlement or has imposed a fine or other penalty in respect of a tax or duty offence. Now that EPT has commenced, details of settlements and/or offences regarding EPT will also fall to be included in these publications as they arise.
As with all taxes and duties, Revenue welcomes and acts on intelligence received from businesses or from members of the public regarding actual or suspected tax non-compliance activity. This includes EPT. Details can be provided in confidence to Revenue by phone to 1800 295 295. Alternatively, information can also be provided in confidence via the Revenue website, or alternatively can be submitted directly to any Revenue office in writing.
71. Deputy Michael Healy-Rae asked the Tánaiste and Minister for Finance if there is any grant assistance available for electric cars under the disabled person's scheme (details supplied); and if he will make a statement on the matter. [10549/26]
Amharc ar fhreagraAs the Deputy is aware the Disabled Drivers & Disabled Passengers Scheme (DDS) provides relief from VRT and VAT on an adapted car, as well as an exemption from motor tax and an annual fuel grant.
Under DDS provisions, the reliefs from VRT and VAT are generous in nature amounting to up to €10,000, €16,000 or €22,000, depending on the level of adaption required for the vehicle. There is no differentiation between electric and other vehicles in terms of available VRT/VAT relief.
DDS Scheme recipients with a petrol or diesel vehicle may claim payment of a fuel grant. The fuel grant covers the excise tax elements of petrol, diesel and liquefied petroleum gas (LPG). It is based on a per litre rate in respect of the mineral oil taxes applying to these products. An annual maximum of 2,730 litres applies in respect of a driver or passenger, and 4,100 litres in respect of an organisation.
As electricity supplied for household use is not subject to excise tax, there is no provision under the DDS to cover electricity used to recharge electric vehicles.
72. Deputy Barry Heneghan asked the Tánaiste and Minister for Finance his views on the Central Bank’s decision to proceed with the Israeli Bonds Programme (details supplied); his views on the Central Bank’s role in facilitating the transfer of bond approval to the Commission de Secteur du Financier (CSSF) in Luxembourg to ensure Israel’s continued funding of genocide; the specific steps he will take to ensure the Central Bank is upholding its international legal obligations including those under the Genocide Convention; and if he will make a statement on the matter. [10677/26]
Amharc ar fhreagraThe Joint Committee on Finance, Public Expenditure, Public Services Reform and Digitalisation, and Taoiseach, published their report on the Israeli Bond Programme on their website on 5 August 2025 and in that report it made a number of recommendations.
Financial services is a devolved competency and any recommendation to amend the Prospectus Regulation is a matter for the European Commission. On 21 October the European Commission published its 2026 work programme, and this does not include a review of the Prospectus Regulation.
With regard to the recommendation that the Ireland Strategic Investment Fund (ISIF) conduct a risk assessment, including their obligations under international law. I am informed that as part of its wider Sustainability and Responsible Investment (SRI) Strategy, ISIF pursues an Active Ownership strategy, this is facilitated by its engagement manager, "EOS at Federated Hermes". Active Ownership emphasises responsible wealth creation through active engagement on ESG priorities.
In relation to the recommendations in the Committee’s Report that were addressed to the Central Bank of Ireland, they have informed my officials that they reviewed the recommendations in the report issued by the Committee; that they have had various correspondences with the Committee; and the Bank at senior level have set out their position both in writing and at various public sessions of the Committee.
In accordance with the provisions of the Prospectus Regulation concerning ‘Home Member States’ and the transfer of approval (Article 20(8)), the competent authority of Luxembourg (CSSF) approved a new prospectus for the State of Israel on 1 September 2025 (the 2025 Prospectus). The Central Bank has indicated that, while they approved the transfer of the prospectus approval to Luxembourg, they had no role in the review and approval of the 2025 prospectus for the State of Israel.
Central Bank officials have also confirmed to my Department that they continued to keep under review the compliance of the 2024 Prospectus with the applicable legal and regulatory framework until that prospectus expired on 1 September 2025.
The Central Bank indicate that they could not give effect to some of the recommendations of the Report as they related to the 2025 Prospectus as it had no role in the review and approval of that prospectus. The CSSF acted independently in that capacity.
By way of more general background, my officials have been informed by the Central Bank that following the Central Bank’s attendance at the Joint Committee in October 2024, the Central Bank carried out an internal review of the process relating to the approval of 2024 Prospectus. The Central Bank wrote to the Joint Committee in December 2024 with regard to that review.
The Central Bank subsequently appeared before the Joint Committee in June 2025 to answer additional questions with regard to its role as competent authority in Ireland with regard to the EU Prospectus Regulation. After that meeting, the Central Bank followed up with additional correspondence to the Joint Committee in relation to this matter.
Through these engagements the Central Bank has, on more than one occasion, disclosed relevant information with regard to its role as a competent authority under the EU Prospectus Regulation in relation to the 2024 Prospectus.
During this period, and up to 1 September 2025, the Central Bank has kept under review the compliance of the 2024 Prospectus with EU law, national law and international law. It is the Central Bank’s assessment, taking into account legal advice, that it did not have a legal basis to refuse to approve or suspend any offers under the 2024 Prospectus.
Finally, the Central Bank has on a number of occasions pointed out that it is restricted by way of professional secrecy obligations from providing confidential information with regard to specific supervisory matters.
73. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department has commissioned, requested, or plans to commission a stand-alone socio-economic analysis of consumers who access high-cost credit in the State, including analysis of income levels, employment status, welfare dependency, and exclusion from mainstream banking; and if not, the rationale for relying on regulatory reviews that do not include such borrower profiling when forming policy in this area. [10701/26]
Amharc ar fhreagraThe Consumer Credit (Amendment) Act 2022 introduced interest rate caps for High Cost Credit Providers.
Under the legislation, the Minister for Finance prescribes the level of the interest rate caps by regulation. In doing so, the legislation requires the Minister to have regard to:
• the impact of the regulations on competition in the high cost credit sector;
• the impact of the regulations on the supply of credit in the high cost credit sector;
• the average rates of interest offered to customers in the high cost credit sector and any trends in such interest rates; and
• where setting the proposed rate would reduce the supply of credit in the high cost credit sector, the impact of such a reduction on financial inclusion.
The legislation further requires the Central Bank of Ireland to prepare a report assessing the impact of the interest rate caps on the points set out above.
The report, which was required to be completed within three years of the legislation coming into effect, was published by the Central Bank of Ireland in January 2026.
The report examines all of the points set out for consideration in the legislation. Further analysis has not been commissioned by my Department at this time.
74. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance whether his Department or the Revenue Commissioners have undertaken, commissioned, or estimated any compliance cost, systems-integration cost, or administrative burden for small and medium-sized enterprises arising from proposals discussed in the public consultation on the modernisation of withholding taxes, including any move toward real-time or near-real-time reporting; and if not, whether such analysis will be completed before any policy decision is taken. [10702/26]
Amharc ar fhreagraI note the Deputy's question relating to the public consultation on the modernisation of withholding taxes.
As announced by the previous Minister for Finance in the Budget Day speech on 7 October 2025, the Department of Finance and Revenue have undertaken a joint public consultation process to seek the input of businesses, taxpayers, software providers, business associations, representative bodies and other stakeholders on the modernisation of withholding taxes.
The consultation, which was launched on 5 December 2025, closed on 30 January. As part of the consultation, my Department and Revenue sought external input to the proposed modernisation of Professional Services Withholding Tax (PSWT) and Relevant Contracts Tax (RCT). The consultation also sought views on the consideration of the expansion of withholding tax to the platform economy and, the introduction of personalised deduction rates (PDRs) to a new modernised and expanded withholding tax regime for self-employed workers.
In contrast to the current PSWT and RCT systems where refund claims are often generated, putting a burden on taxpayers and Revenue, proposals for the future eWHT system would see it operating in a system whereby withholding tax on income is calculated and paid seamlessly just like under the PAYE system for employees.
This public consultation has stimulated discussion and all views from all stakeholders about the benefits, challenges and opportunities presented by a new modernised withholding tax regime will be evaluated and considered. At this point, it is important to note that no decisions have been made in relation to any of these proposals.
I can assure the Deputy that all responses received will be reviewed and considered in advance of any policy change or implementation.
75. Deputy David Cullinane asked the Tánaiste and Minister for Finance the number of primary medical certificate appeals to the Disabled Drivers Medical Board of Appeal, by county, for each of the years 2021 to 2025, in tabular form; and if he will make a statement on the matter. [10730/26]
Amharc ar fhreagra76. Deputy David Cullinane asked the Tánaiste and Minister for Finance the number of applications received for the disabled drivers scheme by county in each of the years 2021 to 2025; and the number of unsuccessful and successful appeals; in tabular form. [10731/26]
Amharc ar fhreagraI propose to take Questions Nos. 75 and 76 together.
Only those individuals who hold a Primary Medical Certificate or a Board Medical Certificate can apply in respect of a qualifying vehicle for reliefs, fuel grant and motor tax exemption as provided for by the Disabled Drivers and Disabled Passengers Scheme (DDS). Certain qualifying organisations can also apply to the DDS subject to meeting specific requirements.
Individuals apply for a Primary Medical Assessment to the HSE. A Primary Medical Officer (PMO) determines if an individual meets at least one of six medical eligibility criteria. Only those who meet at least one of the six criteria will be awarded a Primary Medical Certificate (PMC).
If the HSE PMO determines the individual does not meet any of the six medical criteria to be awarded a PMC, they may lodge a request for an appeal hearing to the Disabled Drivers Medical Board of Appeal (DDMBA). The DDMBA's role is to review the decision of the HSE Primary Medical Officer to determines if an appellant now meets any of the six medical eligibility criteria. Only if an appellant meets at least one of the six eligibility criteria will the Board issue a Board Medical Certificate.
I have no role in relation to the granting or refusal of PMCs or appeals associated with them and the HSE and the Medical Board of Appeal must be independent in their clinical determinations.
Since 2025, data on new request for appeal hearings have been collected to include county of residence of the appellant. County level data on appeal hearing requests is not available for the years 2021 to 2024.
The following table sets out the county of residence of new requests for appeal hearings received in 2025.
|
County |
Number of Appellants |
|
Carlow |
10 |
|
Cavan |
7 |
|
Clare |
11 |
|
Cork |
90 |
|
Donegal |
19 |
|
Dublin City and County |
83 |
|
Galway |
34 |
|
Kerry |
14 |
|
Kildare |
13 |
|
Kilkenny |
6 |
|
Laois |
4 |
|
Leitrim |
3 |
|
Limerick |
10 |
|
Longford |
5 |
|
Louth |
9 |
|
Mayo |
23 |
|
Meath |
14 |
|
Monaghan |
2 |
|
Offaly |
2 |
|
Roscommon |
14 |
|
Sligo |
5 |
|
Tipperary |
7 |
|
Waterford |
9 |
|
Westmeath |
9 |
|
Wexford |
24 |
|
Unknown/Not Provided |
12 |
|
Total New Appellants |
439 |
The following table sets out the number of appellants who were awarded, and those not awarded, a Board Medical Certificate on foot of an appeal hearing.
|
Year |
2025 |
2024 |
2023 (Appeals recommenced December) |
2022 |
2021 |
|
Number of Appellants |
318 |
378 |
94 |
0 |
148 |
|
Number of Appellants awarded Board Medical Certificate |
246 |
259 |
52 |
0 |
12 |
|
Number of Appellants not awarded Board Medical Certificate |
72 |
119 |
42 |
0 |
136 |
77. Deputy David Cullinane asked the Tánaiste and Minister for Finance the data collected by his Department relating to the disabled driver scheme and primary medical certificates. [10732/26]
Amharc ar fhreagra78. Deputy David Cullinane asked the Tánaiste and Minister for Finance to provide an update on the review of the disabled drivers scheme and guidelines for primary medical certificates; the timeframe for completion; when a new scheme will be in place; and if he will make a statement on the matter. [10733/26]
Amharc ar fhreagraI propose to take Questions Nos. 77 and 78 together.
The Department of Finance receives data from Revenue and from the Disabled Drivers Medical Board of Appeal (DDMBA) as part of the Department's role in overseeing the the Disabled Drivers and Disabled Passengers Scheme (DDS). Revenue provide periodic data with respect to claims for, and recipients of, DDS provisions. Revenue also provide data on adaptations to DDS vehicles. Data on appellants and on appeal hearings (e.g. number of appeals heard, waiting times, awarding/not awarding a Board Medical Certificate) are provided by the DDMBA.
Data relating to the PMC assessment process is a matter for the Department of Health, as the HSE are wholly responsible for that process. Data relating to Motor Tax Exemption of DDS vehicles is a matter for the Department of Transport.
The Deputy should note that my Department and I share concerns that the Disabled Drivers and Disabled Passengers Scheme or DDS is no longer fit-for-purpose and believe it should be replaced with a needs-based, grant-led approach for necessary vehicle adaptations that could serve to improve the functional mobility of the individual.
Under the aegis of the Department of the Taoiseach, the sub-group convened to progress the National Disability Inclusion Strategy proposals for a needs-based, grant-aided, modern vehicle adaptation supports to replace the DDS, generated a report that was submitted to the Department of the Taoiseach. In considering this report, it has been proposed that a new grant-based scheme be developed and led by the Department of Transport.
The Department of Transport is beginning the development of this new scheme. The existing DDS remains with the Department of Finance and will continue to be reviewed in the context of new scheme developments by the Department of Transport.
As the Deputy will be aware, when this government took office, we committed to a step change in the delivery of supports and services for people with disability and their families.
Budget 2026 is the first step in delivering on this ambition, providing some €3.83 billion to specialist disability services next year, an unprecedented increase of €618 million, or almost 20%.
This funding will be vital in delivering the National Human Rights Strategy for Disabled People. The commitment to develop a new scheme by the Department of Transport, and in this context review the Disabled Drivers and Disabled Passengers Scheme, are strong commitments in this strategy.
79. Deputy Paul Lawless asked the Tánaiste and Minister for Finance if he will address the ongoing discrimination young drivers face in accessing private motor insurance and commercial motor insurance, particularly those under 21 years-of-age who hold all necessary licences and qualifications; the steps his Department is taking to ensure that qualified young people can obtain affordable insurance in their own name, including for commercial vehicles such as recovery trucks; and if he will make a statement on the matter. [10864/26]
Amharc ar fhreagraIt is important to note that the decision to provide any specific form of insurance cover, and the price at which it is offered, is a commercial matter for insurance companies, based on an assessment of the risks they are willing to accept. Neither I, as Tánaiste and Minister for Finance, nor the Central Bank of Ireland, have the power to compel insurers to provide particular types of insurance or to provide it at a particular price. This is reinforced by the European framework for insurance (Solvency II Directive).
Officials in my Department engage frequently with Insurance Ireland – the trade body association for the insurance industry – on a range of insurance related issues. Insurance Ireland have advised that insurers use a combination of rating factors in making their individual decisions on whether to offer cover for motor insurance and what terms to apply. These factors can include driver age, where the vehicle is stored, and driving experience.
The Equal Status Acts 2000-2018 protects against discrimination on nine specific grounds, including age. However, the legislation also provides that people can be treated differently on any of the grounds (except gender) in relation to the provision of annuities, pensions, insurance policies or any other matter related to the assessment of risk, where such differences are based on the reasonable application of actuarial or statistical data or other relevant underwriting or commercial facts.
Transparency in the insurance sector is a key priority for the Government and a Transparency Code for the insurance industry is well advanced and will be published in the coming weeks. The Code will require insurers to provide simple, understandable explanations of how premiums are formed, what mitigating actions may be available to consumers, and what broader factors influence pricing. It will also ensure that consumers can directly receive additional information, upon request, to better understand the factors impacting their premium.
If an individual is not satisfied with how an insurer is dealing with them in relation to the provision of insurance, or they believe that the regulated firm is not following the requirements of the Central Bank’s codes and regulations or other financial services law, they should make a complaint directly to the insurer.
If the consumer is still not satisfied with the response from the regulated firm, he or she can refer the complaint to the statutory Financial Services and Pensions Ombudsman (FSPO). The FSPO acts as an independent arbiter of disputes that consumers may have with their insurance company or other financial service provider. The FSPO can be contacted either by email at info@fspo.ie or by telephone at 01-567-7000.
80. Deputy Emer Currie asked the Tánaiste and Minister for Finance to provide an update on the establishment of the proposed new Savings and Investments Forum, and an annual savings and investment industry roundtable. [10867/26]
Amharc ar fhreagraIreland hosts a thriving international financial services industry; we are a global centre of excellence with a key role as a gateway to the EU for asset managers and a distribution centre for funds worldwide. There are over 120,000 people working in the financial services industry in Ireland, these jobs are regionally spread throughout the country, employing highly skilled workers in almost every county.
The former Minister for Finance, Michael McGrath, committed to undertaking a review of the Irish Funds industry in 2023. The Department of Finance spent eighteen months working extensively with stakeholders to produce the Funds Review 2030 which was published in October 2024. The review identified forty-two recommendations to continue to grow this important sector of our economy. These included the establishment of an annual savings and investment forum and an an annual roundtable between the Minister for Finance and the Minister of State and a representative cross-section of the funds and asset management sector.
The Savings and Investment Forum will be led by the Department of Finance with support from the Central Bank of Ireland and the Competition and Consumer Protection Commission. Attendees will be a mix of asset managers, wealth managers, financial planners, digital platforms, banks, insurance firms and pension firms, as well as government and regulatory officials. The forum will provide the opportunity to discuss the current investment landscape in Ireland. My officials are currently finalising plans to host the first meeting of the forum and I hope to announce a date for the event shortly with invites to be issued thereafter.
The Annual Roundtable will take place between myself and the Minister of State with attendees from a variety of the funds and asset management sector. The roundtable will provide me with the opportunity to hear directly industry’s views on the work they do in Ireland. My officials have commenced planning for this event to take place and I hope to announce a date for the event in due course.
This Government is committed to ensuring the engagement with industry continues from the Funds Review. The new Savings and Investment Forum and Roundtable will be held annually going forward and include engagement with all firms offering different forms of savings and investments. This will help us to formulate policy in the future to deepen the Capital Markets but more importantly to benefit Irish savers throughout their lifetimes.
81. Deputy Emer Currie asked the Tánaiste and Minister for Finance for an update on plans for legislation to support the establishment of tokenised funds in Ireland. [10869/26]
Amharc ar fhreagraTokenisation is the process whereby an underlying asset or pool of assets, tangible or intangible, is converted into digital “tokens” that acts as its proxy. This process could fundamentally reform how capital markets operate, enabling real-time trades; increasing transparency and liquidity; expediting clearing and ultimately providing for atomic settlement.
Tokenisation can be applied to a wide range of assets, from cash, financial instruments such as shares and bonds, to real assets such as real estate, commodities, artefacts, and works of art. What this means for an investor is that their holding is represented not by units but by direct holdings of the underlying assets in the form of tokens. These tokens can be digitally held and traded via Distributed Ledger Technology (DLT).
As part of the Funds Review, led by my department, there was close engagement with the Irish Funds Digital Asset Project Group who were exploring the operational application of tokenisation to Irish domiciled investment funds.
As a result of this review, Ireland’s ‘Funds Sector 2030’ Report was published in October 2024, which specifically addressed the potential that DLT and tokenisation holds for the investment funds sector. The Review recommended that industry continue to engage constructively with the Central Bank of Ireland and the Department of Finance with a view to mapping out a pathway for adoption of tokenisation.
Domestically, significant resources have been invested in exploring what can be achieved within the current legislative and regulatory frameworks. This work is ongoing. We do expect increased focus on DLT at the EU level in the coming months and years. The Market Integration Package, published by the Commission in December 2025, included considerable reforms to the DLT Pilot Regime in a bid to encourage greater uptake and accelerate the technological transformation of capital markets. In the upcoming months, Ireland will engage in the negotiations on the legislative proposal.
82. Deputy Emer Currie asked the Tánaiste and Minister for Finance for an update on Ireland’s transposition of Directive (EU) 2024/927. [10870/26]
Amharc ar fhreagraDirective (EU) 2024/927 was published in the Official Journal of the European Union on 26 March 2024. The Department of Finance launched its public consultation on 22 November 2024, with submissions open until 17 January 2025. The feedback statement on the national discretions in Directive (EU) 2024/927 was published on 8 May 2025.
Engagement with stakeholders and the Office of the Parliamentary Counsel (OPC) is ongoing in advance of the transposition deadline of 16 April 2026.
83. Deputy Emer Currie asked the Tánaiste and Minister for Finance for a detailed update on Ireland’s consideration of the establishment of a incentivised Savings and Investment Account for Ireland. [10871/26]
Amharc ar fhreagraThe Savings and Investments Union aims to create better financial opportunities across the EU, providing people with more opportunities to invest and provide for their current and future prosperity. The project also aims to deepen the pools of capital available for investment in businesses across Europe, grow the European economy and benefit our strategic objectives. In March last year, the European Commission launched the SIU Strategy, which included a number of measures to advance the Capital Markets Union project. In September 2025, the European Commission adopted a Recommendation on increasing the availability of Savings and Investment Accounts in Member States and this included an outline of their key characteristics.
Ireland is committed to support initiatives that enhance retail investor participation in capital markets. As such, I strongly welcome the publication of this Recommendation. While Ireland does not have a specific investment account for retail investors at present, the tax treatment of retail investments was considered as part of a broader review into the funds and asset management sector in Ireland, which culminated in the ‘Funds Sector 2030’ report that was published in October 2024.
In recognition of the importance of encouraging retail investment, Finance Bill 2025 provided for a reduction in the rate of taxation on returns from Irish and equivalent investment funds and Irish and certain foreign life assurance policies from 41% to 38%.
As part of Budget 2026, the government announced its intention to publish a roadmap in 2026, setting out the intended approach to simplify and adapt the tax framework to encourage retail investment in future Finance Bills. The roadmap will take into consideration developments at EU level in respect of the Savings and Investments Union, including the Recommendation on SIAs and draw upon best practice in other countries who operate successful savings accounts. The Department of Finance are currently developing this roadmap and its findings will be used to identify next steps on this matter.
84. Deputy Emer Currie asked the Tánaiste and Minister for Finance for an update on his Department’s priorities for Ireland’s EU Council Presidency. [10872/26]
Amharc ar fhreagraHolding the Presidency of the Council of the European Union from July this year represents an important opportunity for Ireland to shape and lead on European policy priorities, including the EU’s economic and financial agenda.
The Department of Foreign Affairs and Trade are coordinating across Government on the development of the overarching policy programme for Ireland’s Presidency. This is being prepared in line with the EU Strategic Agenda for 2024-29, the European Commission’s legislative work programme and informed by stakeholder engagement and public outreach activities led by the Department of Foreign Affairs and Trade.
The specific priorities will depend on the progress made on the Council’s legislative agenda during the Cyprus Presidency. We will need to take stock of the progress made before we publish our own thematic priorities in June.
The Deputy will be aware of the broader economic context against which Ireland will assume the EU Presidency this summer. As such, we expect a particular emphasis on strengthening the EU’s competitiveness. Driving progress on the EU simplification agenda and the post-2027 Multiannual Financial Framework will also be important focuses.
In the Economic and Financial Affairs (ECOFIN) track, we expect a significant amount of work on the Savings and Investments Union, including legislative proposals aimed at building deeper and more integrated capital markets.
Other files include the digital euro, and the Sustainable Finance Disclosure Regulation. We will also advance work around taxation and customs. The Department of Finance will drive these initiatives with the goal of delivering tangible benefits for citizens and businesses.
Finally, on the wider European security context and global backdrop, the EU’s continued financial support to Ukraine and international economic relations will be important priorities.
I expect to provide more detail to the Deputy once we get closer to taking the Presidency chair on 1 July next.
