241. Deputy Shane Moynihan asked the Tánaiste and Minister for Finance the main policy achievements of his Department since 22 January 2025; and if he will make a statement on the matter. [50801/26]

Since 22 January 2025, the Department of Finance has delivered a number of policy achievements which include:

Previous PQ responses Dáil Question No. 424 (Ref: 30477/26) answered on 28 April 2026, Dáil Question No. 345 (Ref: 38754/25) answered on 15 July 2025, Dáil Question No 162 (Ref: 70523/25) 10 December 2025 and Dáil Question No 56 (Ref: 23076/26) 25 March 2026 respectively, summarised the policy achievements of my Department up to April 2026. I have included additional policy achievements since my last update in April in my response below.

Asset Covered Securities (Amendment) Bill

Following Government approval on 9 June 2026, my Department published the General Scheme of the Asset Covered Securities (Amendment) Bill, the main purpose of which is to update the legislation governing the issuing of asset covered securities (covered bonds) in Ireland.

The legislation will provide for a universal banking model as an alternative to the current specialist banking model. This will allow banks to issue asset covered securities without the need, as at present, to establish and maintain a specialist subsidiary for that purpose.  This will simplify the framework and reduce costs.

It will also ensure that the framework is more accommodating of issuers who may wish to issue a programme of specifically “green” securities.

Credit Demand Survey

The SME Credit Demand Survey was published on 6 June 2026 covering the period January – December 2025. It is the most comprehensive survey of SME credit demand in Ireland covering over 1,500 SMEs. The survey continues to report on the core dataset built since 2011, while also ensuring that the survey is flexible enough to encapsulate emerging issues affecting the changing SME environment.

An tSeirbhís um Athbhreithniú Creidmheasa (the Credit Review Service)

An tSeirbhís um Athbhreithniú Creidmheasa (the Credit Review Service) was established on the 1 July 2026. The Credit Review Service is an independent body designed to assist small and medium-sized enterprises (SMEs), including farm enterprises, who have been refused credit or have had existing facilities reduced or withdrawn by a bank. It was established to provide an impartial and transparent review process for credit decisions made by banks. Where an application for credit of up to €3 million has been declined—or an existing facility reduced—the borrower can apply to the Service for an independent review. The establishment of the Credit Review Service reflects the Government’s commitment to ensuring confidence in the banking sector and supporting economic activity and growth in the SME sector.

Financial Literacy

Ireland’s first National Financial Literacy Strategy was published in February 2025. The focus of the five-year strategy is to improve levels financial literacy by working with Ireland’s financial literacy ecosystem – increasing cooperation, coordination and cohesion among stakeholders – and thereby supporting greater overall financial wellbeing and resilience.

In April 2026, I launched an invitation for Expressions of Interest for the role of financial literacy ambassadors for Ireland. The ambassadors will play a key role in promoting the National Financial Literacy Strategy and the EU Financial Literacy Strategy. They will also take part in an EU network of financial literacy ambassadors.

In June 2026, I launched a review of the Strategy’s 2025 Action Plan and a new action plan for 2026/2027 at the annual National Financial Literacy Stakeholder Forum. The new Action Plan contains more than 100 actions designed to further enhance financial confidence and resilience across society. These actions focus on key areas including saving, pensions, fraud awareness and investing, while also supporting consumers in understanding new opportunities such as the Government’s planned Investment Account, will be announced as part of the upcoming Budget.

State’s Shareholding in the Banking Sector

The State retains a 57.4 per cent shareholding in Permanent TSB.  The board of PTSB announced a Formal Sale Process (“FSP”) on 30 October 2025. This process was conducted under the Irish Takeover Rules and resulted in the board unanimously recommending a cash offer from a subsidiary of BAWAG Group AG. The Tánaiste and Minister for Finance, with the agreement of Cabinet, committed to voting all of the Minister’s PTSB shares in favour of BAWAG’s cash offer.  The FSP continues to be, conducted in accordance with the Irish Takeover Panel Rules and under the supervision of the Takeover Panel. The Recommended Cash Offer is envisaged to be implemented by means of a High Court sanctioned Scheme of Arrangement in Q4 2026 or Q1 2027.

Commencement of the Credit Union Strategy Project

The Programme for Government includes a commitment to develop a five-year strategy for the credit union sector. This work is now underway, following approval of a plan to determine the sector’s long-term strategic direction.

The Project Governance Board held its first meeting on 30 April, marking the initiation of the project. Members considered the Terms of Reference, governance arrangements, and overall scope of the strategy. These documents have now been approved and are published on the Department of Finance website.

At its second meeting on 18 June, the Board advanced plans for a sector-wide survey to allow credit unions to outline their strategic priorities and help shape the strategy. Members also considered arrangements for sector participation in the Strategy Committee and associated workshops, with both the survey and application process expected to open in July. The overall project is expected to take approximately 10 months, supported by a dedicated project team within the Department of Finance.

The Money Laundering, Terrorist Financing and Proliferation Financing National Risk Assessment and the accompanying Priority Action Plan

The National Risk Assessment (NRA) and the accompanying Priority Action Plan (PAP) represent significant policy achievements for the Department of Finance, demonstrating a coordinated and evidence-based approach to strengthening Ireland’s framework for combating money laundering and terrorist financing. The NRA provides a comprehensive assessment of the key risks facing the State, drawing on cross-governmental and stakeholder input to ensure a shared understanding of vulnerabilities, while the PAP translates these findings into a structured programme of targeted actions, assigning clear responsibilities and timelines for delivery. Together, they reflect the Department’s leadership in driving strategic policy development, enhancing inter-agency co-operation, and ensuring that Ireland remains aligned with evolving international standards, particularly those of the FATF.

OECD Side-by-Side Package Agreement

On 5 January 2026, a Side-by-Side Package Agreement on Global Minimum Tax was approved and adopted by the OECD / G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), including Ireland. The Agreement delivers a solution which preserves the objectives of the Global Minimum Tax while allowing for co-existence with the US tax system and other qualifying regimes in the future. Officials continue to constructively participate in key discussions on implementation of the Side-by-Side Agreement and Pillar Two rules to agree further administrative guidance.

Budget 2026

Budget 2026 introduced a number of tax changes to support households, the housing market, enterprise, SMEs and the Agricultural sector and climate action. Many of these changes came into effect from 1 January 2026 with further measures such as reduced VAT on hospitality coming into effect on 1 July 2026.

Finance Bill 2026

A suite of measures to support businesses and households respond to the ongoing energy crisis have been put on a statutory footing in Finance Bill 2026 which is expected to be enacted before the end of July.

Tax Strategy Group

The 2026 meeting of the Tax Strategy Group was held on 9 June, with papers to be published shortly.