Speech by An Tánaiste and Minister for Finance, Simon Harris TD at the Annual Savings and Investment Forum

Check against delivery.

Good morning, All. Thank you, Governor Makhlouf

It is a pleasure to welcome you to the Central Bank of Ireland for the first Annual Savings and Investment Forum.

I am pleased to join the Governor, Andrea Beltramello of the European Commission, and so many leaders from across Ireland’s financial sector.

I would like to acknowledge the support of the Central Bank of Ireland and the Competition and Consumer Protection Commission in relation to today’s event.

Ireland now has a real opportunity to build a stronger savings and investment culture at home while helping shape Europe’s Savings and Investments Union.

This is about more than financial services as an industry. It is about better outcomes for our people, from better pensions, better savings, and better investment choices to stronger long-term financial security.

Ireland’s international financial services sector has been one of the country’s great policy success stories.

Today, Ireland is a global centre of excellence in financial services and a key gateway to the EU for a wide range of products and services. More than 120,000 people now work in financial services across the country.

That success has been supported by Ireland for Finance, our whole-of-government strategy, delivered through close partnership between Government and industry.

The progress has been significant.

In 2015, 35,500 people worked in international financial services. By 2025, that figure had grown to more than 60,000. 70% growth in just a decade.

The bottom line, ladies and gentlemen is that financial services matter not just to GDP but to people’s daily lives.

Today’s forum was a key recommendation of the Funds Sector 2030 Report.

That review made two things clear.

First, Ireland is well placed to grow its funds and asset management sector.

And, second, what worked in the past will not be enough on its own for the future.

We want to build on our strengths in public markets, including ETFs and money market funds, while also taking targeted steps to seize new opportunities.

Important work is already underway, including changes by the Central Bank to domestic ETF rules, deeper engagement with industry and a stronger focus on growing retail investment and strengthening Ireland’s investment culture.

We engaged closely with industry throughout the review process and we will continue to engage in meaningful dialogue, which is strengthened by days like today.

We also welcomed the European Commission’s work in 2025 on savings and investment accounts across the EU.

A major priority in the months ahead will be the further development of the Savings and Investments Union, or SIU.

A stronger SIU can widen funding sources for businesses, strengthen Europe’s resilience, support the green and digital transitions, and improve financial outcomes for citizens.

That will require action at EU level, including deeper and more integrated capital markets, a simpler, more consistent rulebook, greater supervisory convergence and stronger retail investor participation.

But EU reform alone will not be enough.

Ireland’s view is that a true SIU needs both top-down reform and bottom-up national action.

Ireland has been a strong supporter of the SIU from the outset. We believe Europe works best through a multi-centre model of excellence that is open to global capital and expertise and driven by competition, innovation, and pragmatism.

Europe’s diversity is a strength. Ireland brings expertise in investment funds and cross-border finance. Other member states bring different strengths.

The task is not to choose one model over another, but to build a stronger European approach from what works.

That is why we welcome measures like the Commission’s Recommendation on Savings and Investment Accounts and work to improve financial literacy across the Union.

Ireland can play a leadership role here, especially given the scale of our international financial sector and our upcoming Presidency of the Council of the European Union.

If we want a real savings and investment culture, policy reform must be matched by public confidence and understanding.

That is why financial literacy matters.

It helps people manage day-to-day finances. It also helps them plan for the long term, for retirement, for major life events, and for financial resilience.

That’s why I am proud to announce today that I am launching an Invitation for Expressions of Interest for the role of financial literacy ambassador for Ireland.

This ambassador will work closely with the Department of Finance to support the National Financial Literacy Strategy and will also take part in an EU network of financial literacy ambassadors.

We need to improve levels of financial literacy in Ireland and support Irish people’s financial resilience and wellbeing. We need to empower people to make good financial decisions, including investing.

This supports the aims of the of the EU Financial Literacy Strategy, to create an “investment savvy” culture in Europe.

I am looking forward to hearing from those passionate about and eager to lead on financial literacy in Ireland and across Europe.

Pension reform here in Ireland is a good example. Auto-enrolment is designed to make retirement saving straightforward and normal – the default option for large proportions of our society.

It has been hugely successful in its first three months - 763,000 employees and approximately 104,000 employers have been automatically enrolled. As of 27th January, over €40 million of contributions have been made for investment.

The lesson is capital markets should not feel remote. They should be understood as practical tools that help people achieve life goals.

That brings us to today.

The Government is developing an Investment Account for Ireland.

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.

This will be a priority for Government.

Our aim is to legislate for the framework in 2026 and to allow accounts to be offered from 2027.

The account will be designed as a simple, one-stop option for individuals.

It will also be a key part of a broader rethink of the taxation of retail investment.

As part of Budget 2026, the Government already reduced the tax rate on investments in funds and life assurance policies from 41% to 38%. That was a first step. Further work on a retail investment tax roadmap is ongoing and will be published in the coming months.

The roadmap will set out an approach to simplify and adapt the tax framework to further support retail investment, while retaining proportionate necessary and important anti-avoidance protections.

The recommendations of the Funds Review, including in relation to deemed disposal, are now being worked on as part of the development of the roadmap, as well as the European Commission’s recommendation on Savings and Investment Accounts.

As with all taxation measures, the roadmap will feed into the usual Budget process, but I do hope to see further progress made to address some of the existing obstacles to greater retail investment.

Let me explain why this is needed.

Ireland still does not have a sufficiently diversified savings and investment culture.

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.

Officials in my Department have been reviewing the European Commission’s Recommendation and engaging with other member states and jurisdictions.

That recommendation is clear. These accounts should be simple, accessible, and tax-efficient, easy to administer, transparent on fees, and portable across borders where possible.

That is the vision we want to reflect in Ireland’s approach. Some key principles guiding our approach will be:

• an annual flat-rate tax to the value of assets held in the account above a tax-free threshold;
• this flat rate of tax could potentially serve as the sole form of taxation on investments made through the new account;
• that all investments made within the account would receive consistent tax treatment;
• account providers would be required to administer the tax to help remove complexity for investors.

We will take account of expert views as we design the model that best fits the Irish economy and the needs of Irish households.

That is why this Forum is so important. We want your expertise and your engagement in shaping it.

In conclusion, Ireland’s place at the centre of Europe’s financial ecosystem is both an opportunity and a responsibility.

By working together, we can deepen our capital markets, strengthen retail participation, improve financial outcomes for citizens and help advance Europe’s Savings and Investments Union.

The new Investment Account can become a practical example of how Ireland delivers at both European and national level.

I want to thank the Central Bank for hosting today’s event, and for its continued partnership, along with the Competition and Consumer Protection Commission.

And thank you all for being here. Your expertise, innovation, and commitment will be essential to getting this right.

I hope you have a productive and valuable forum.

Go raibh maith agaibh go léir.

Ends

Tánaiste convenes first Annual Savings and Investment Forum