Minister for Finance Michael McGrath is expected to be nominated as Ireland’s next European Commissioner following discussions between the Coalition party leaders on Monday evening.
Tánaiste Micheál Martin is due to bring a note on the nomination to Cabinet on Tuesday morning to officially begin the process.
It is expected that should Cabinet approve Mr McGrath’s nomination for the role of commissioner, which has an annual salary of about €300,000, he will then tender his resignation as minister in the coming days, with his successor due to be appointed shortly.
There is speculation within political circles that potential successors to Mr McGrath could be Minister of State in the Department of Enterprise Dara Calleary, Minister of State in the Department of Transport Jack Chambers or Minister for Housing Darragh O’Brien.
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Mr Chambers was appointed as Fianna Fáil deputy leader last week.
A move into the Department of Finance by any of these three would then open a vacancy for their positions.
Sources have said Mr Martin will move fast to appoint successors, but that he is “keeping his cards close to his chest” until Mr McGrath’s nomination is noted at Cabinet.
The new minister for finance will have to take the reins at a time when July’s Summer Economic Statement is being finalised, and ahead of a crucial period for Budget 2025 negotiations. The statement is a key budgetary document which will set the fiscal parameters for the autumn budget.
Coalition party leaders agreed not to delay nominating a new European commissioner in the hopes of securing a high-profile portfolio in the new European Commission. There was an unwritten agreement between the three Coalition parties that the next commissioner would be a Fianna Fáil nominee.
The timeline for any departure by Mr McGrath will be outlined in the coming days, with some sources insisting he could still continue with budget preparations in the coming weeks while others have said a mini re-shuffle would not be problematic as much of the budgetary preparations are well under way.
[ Cliff Taylor: Big budget uncertainty if Michael McGrath heads to BrusselsOpens in new window ]
Fine Gael’s Mairead McGuinness is Ireland’s current commissioner, holding the portfolio of Financial Stability, Financial Services and Capital Markets Union. She was appointed after the resignation of Phil Hogan as EU Trade Commissioner following the controversy around the “golfgate” hotel gathering during the Covid-19 pandemic.
The expected nomination of Mr McGrath will also leave an opening in his home constituency of Cork South-Central in the upcoming general election. He first ran for the Dáil in 2007 and has been re-elected on every occasion since then.
In the recent local elections, Mr McGrath’s brother Seamus McGrath pulled in the largest first preference vote in the State, breaking the 5,000 mark in Carrigaline and easily passing the quota, while helping his party colleague Audrey Buckley over the line.
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