After lively deliberations between leaders of the Coalition party on Monday, it is anticipated that Finance Minister Michael McGrath will be put forth as the succeeding European Commissioner for Ireland. A formal commencement of the process is due to happen once Tánaiste Micheál Martin presents an official nomination note at the Cabinet meeting on Tuesday morning.
Assuming the Cabinet gives its approval to Mr McGrath’s nomination for the commissioner’s role, which carries an approximate yearly salary of €300,000, it is predicted that he will step down as minister soon, paving the way for the appointment of his successor.
In political circles, there is rife conjecture regarding who would replace Mr McGrath. Potential candidates are speculated to be Dara Calleary, Minister of State in the Department of Enterprise, Jack Chambers, who was recently appointed as the Deputy leader of Fianna Fáil and is a Minister of State in the Department of Transport, or Darragh O’Brien, Minister for Housing. The appointment of any one of these three into the Department of Finance would subsequently make their roles vacant.
Insiders have revealed that Mr Martin plans to act swiftly in filling vacant roles, while remaining tactfully discreet until Mr McGrath’s nomination is acknowledged by the Cabinet. The newly appointed Minister of Finance will assume responsibility during a crucial time, with the finalisation of the Summer Economic Statement for July nearing completion, and important Budget 2025 discussions on the horizon; the statement will serve as a crucial fiscal blueprint for the autumn budget.
The leaders of the Coalition party mutually decided not to procrastinate the nomination of a new European commissioner, aiming to obtain a prestigious portfolio in the new European Commission. It was silently agreed among the three Coalition parties that the incoming commissioner would be nominated by Fianna Fáil.
The sequence of Mr McGrath’s departure will be detailed soon. While some insiders maintain that Mr McGrath could potentially stay involved in budget preparations for the following weeks, others argue that a partial reshuffle wouldn’t pose significant disruption as a large portion of budget preparations are already underway.
The current commissioner for Ireland is Mairead McGuinness from Fine Gael, who oversees Financial Stability, Financial Services, and the Capital Markets Union. She assumed the role following Phil Hogan’s departure as EU Trade Commissioner due to the scandal termed “golfgate”, which occurred at a hotel meeting during the global Covid-19 crisis.
The forthcoming proposal of Mr McGrath will subsequently prompt a vacancy within his home district of Cork South-Central for the imminent general election. Since making his initial bid for the Dáil in 2007, he has been successfully re-elected every time.
His brother, Seamus McGrath, recently had a successful campaign in the local elections, achieving the highest first preference vote across the country, over the 5,000 mark in Carrigaline, significantly surpassing the quota. This proved advantageous for his party associate, Audrey Buckley, ensuring her successful election.