I propose to take Questions Nos. 269 and 292 together.
One of the aims of the Savings and Investments Union is to create better financial opportunities across the EU, providing people with more opportunities to invest and provide for their current and future prosperity. In September 2025, the European Commission adopted a Recommendation on increasing the availability of Savings and Investment Accounts (SIAs) in Member States and this included an outline of their key characteristics.
Ireland still does not have a sufficiently diversified savings and investment culture. As evidenced, too much of people’s hard-earned savings remains in low-yield deposits, where inflation can erode value over time. Deposit accounts are right for many people and for many needs. But they should not be the only practical option. Investment in capital markets can offer households another path to long-term financial wellbeing, while also supporting growth and competitiveness in the wider economy.
The ‘Funds Sector 2030’ report made a number of recommendations which were aimed at enabling greater retail investment in Ireland. This included the establishment of an annual ‘Savings and Investment Forum’ which was convened for the first time on 31 March 2026 and led by the Department of Finance with support from the Central Bank of Ireland and the Competition and Consumer Protection Commission.
The attendees were a mix of retail and digital banks, asset managers, wealth managers, financial planners, as well as Government and regulatory officials and it provided the opportunity to discuss the current investment landscape in Ireland. The Department will continue to engage closely with interested stakeholders as the legislative process continues.
At the Forum, I announced the Government’s intention to introduce the legislative framework for an Investment Account in 2026. We want to make investing simpler, clearer, and more accessible for ordinary people, and help their hard-earned money work harder for them over time.
The aim is to legislate for the framework in 2026 and to allow market participants to offer accounts from 2027. The aim is that the account should be designed as a one-stop option for individuals, be simple, accessible, tax efficient, easy to administer, transparent on fees and portable across borders where possible. The account will also be a key part of a broader rethink of the taxation of retail investment.
The introduction of a savings and investment framework is not intended to seek a mass-movement of deposits from individual deposit accounts, or to disturb existing forms of retirement savings,?but instead see a gradual development of an investment culture amongst retail participators.?
In terms of designing the model that best fits the Irish economy and the needs of Irish households, the views of relevant experts are being considered as well as learnings from best international practices.
