Speech by Minister of State Robert Troy TD at the Annual Savings and Investment Forum

Check Against Delivery

Good afternoon,

It is a pleasure to be here with so many leaders from across Ireland’s financial services and investment community.

This is a sector that has consistently demonstrated its ability to adapt, to innovate, and, critically, to deliver.

And that word, deliver, is where I want to focus today.

We have heard today from the Tanaiste, from the Central Bank Governor, from the CCPC, and from officials in the Department of Finance.

To members of the industry who are here today, I hope this reinforces the weight that is being put behind Government’s plans.

A 40-Year Foundation of Ambition

Next year marks 40 years since the establishment of Ireland’s international financial services industry, anchored in the creation of the IFSC in 1987.

That was not an accident.

It was a deliberate act of policy ambition.

A decision to take a derelict part of Dublin’s docklands and reimagine it as a global financial hub. A decision backed by partnership between Government, the civil service, and the private sector.

Fiona Reddan’s book, Ireland’s IFSC: A Story of Financial Success, tells the story better than I will. I encourage you to read it. To understand what was done to turn policy into a thriving international hub.

And the results speak for themselves.

I do not need to tell you the job figures, the sectors where we are leaders in, the major names who have deliberately chosen Ireland as their base.

None of this happened by chance.

It was built on clear policy direction, consistent execution, and deep public-private collaboration.

Savings and Investment Culture

But we cannot rely on past success.

We now face a different challenge, and a different opportunity.

Ireland remains a country with high levels of household savings, but comparatively lower levels of retail investment participation than many of our European peers.

That matters.

Because savings sitting idle do not support:

- Productive investment

- Economic growth

- Or long-term financial security for households

This is why Government is advancing the ambition for a new Personal Investment Account.

The objective is straightforward:

- To provide a simple, accessible, and tax-efficient way for individuals to move from passive saving into active investment

- To deepen Ireland’s capital markets

- And to empower citizens to participate more fully in economic growth

But let me be clear:

Government can set the framework.

It is the private sector that will make this real.

Public-Private Collaboration

If there is one lesson from the last 40 years, it is this:

We succeed when we work together.

The development of the IFSC and the broader financial services ecosystem was built on continuous engagement between policymakers, regulators, and industry.

That model must now be applied again.

Because delivering a successful savings and investment framework requires:

- Products that are simple and trusted

- Distribution that reaches people where they are

- Clear communication that builds financial confidence

- An understanding that this is about financial wellbeing, about providing for your future

- And regulatory alignment that protects consumers while enabling innovation

It is vital for citizens to understand that this process is about securing their future, the futures of their children, for purchasing a home, or contributing towards higher education.

Investment literacy will need to be improved, and that is a step ahead of financial literacy.

We have work to do on literacy at the Department of Finance, but the appointment of financial literacy ambassadors is an important step.

I use the word ‘we’ as the involvement of industry in terms of literacy is vital.

You are closest to the people who will interact with this account.

This is not a one-off consultation.

It is an ongoing partnership.

And it requires pragmatism on all sides:

- Government must be open to feedback

- Industry must be prepared to invest and innovate

- And regulators must strike the right balance between prudence and progress

- The IFSC started with policy ambition at a Government level, and execution and implementation by the civil service.

It was achieved through the highest levels of engagement by political, civil service, and private sector leaders all working towards a common goal.

We have shown it can be done, and we must apply the same level of conviction to this opportunity.

I have been a huge advocate of creating a better savings and investment culture in Ireland since I took this role early last year, and it is clear this has been shared by the Tanaiste and the purpose he has shown in recent months.

Ireland and Europe: Leading in the Savings and Investments Union

This agenda does not exist in isolation.

At European level, the development of a Savings and Investments Union is now a central priority.

The goal is to mobilise Europe’s vast pool of savings, running into the trillions, into productive investment across the EU economy.

Ireland is uniquely positioned to lead in this space.

We already have:

- Deep expertise in cross-border financial services

- A globally connected industry

- And a proven track record in building scalable financial frameworks

But leadership is not automatic.

It must be earned.

If we get this right, if we design a credible, scalable savings and investment model, we can:

- Further influence European policy

- Attract new investment flows

- And reinforce Ireland’s position as a leading financial centre

If we get it wrong, others will move faster.

The growth of our funds industry is further evidence of how Ireland has developed a world leading hub.

The cross-border nature of such an industry underlines what can be achieved when policy, public private collaboration, and execution come together.

Geopolitics, Capital and Resilience

We are also operating in a more uncertain global environment.

Ongoing instability in the Middle East is a stark reminder of how quickly external shocks can reverberate through the global economy, impacting energy markets, supply chains, inflation, and ultimately investment decisions.

For a small, open economy like Ireland, we cannot insulate ourselves from these dynamics completely.

But we can prepare.

And we can position.

Because periods of volatility also underline a fundamental truth:

Capital will always seek stability, clarity, and opportunity.

That is where Ireland has an advantage, if we choose to use it.

By mobilising domestic savings more effectively, and by strengthening our investment ecosystem, we can:

- Reduce over-reliance on external capital flows

- Provide more consistent funding for long-term national priorities

- And enhance the resilience of our economy in the face of global shocks

This matters in very practical terms.

Whether it is:

- Delivering the scale of housing supply our population requires

- Financing the transition to renewable energy and climate resilience

- Or supporting strategic infrastructure that underpins economic growth

These are not short-term investments.

They require patient, stable, long-term capital.

And that is exactly the type of capital a well-functioning savings and investment framework can help unlock.

So while we cannot control geopolitical uncertainty, we can ensure that Ireland is better equipped to navigate it.

And more importantly, that we are positioned not just to withstand disruption, but to continue to invest, to build, and to grow through it.

Execution

Which brings me back to where I started: delivery.

We are very good in Ireland at strategy.

We are very good at vision.

We must bring certainty to reinforce confidence from the sector, and follow through with promises.

Today is an example of that, along with the publication of the road map which outlines how we will simplify and adapt the tax framework to encourage retail investment.

But ultimately, success will be judged on execution.

We have pedigree in effective execution with Ireland for Finance, and with Insurance Reform. We need to challenge ourselves to bring the same level of success to this field.

That means:

- Getting the design of the Personal Investment Account right

- Ensuring it is genuinely accessible, not just in theory, but in practice

- Delivering it at pace

- And building trust with consumers from day one

It also means being prepared to adjust.

No framework will be perfect at launch.

What matters is that we:

- Monitor outcomes

- Listen to users

- And refine the model over time

A Shared Responsibility

So my message today is a direct one.

Government is committed to this agenda.

We see the potential:

- For stronger household financial resilience

- For deeper capital markets

- And for sustained economic growth

But we cannot do it alone.

We need:

- Financial institutions willing to develop and distribute compelling products

- Investment firms ready to engage new cohorts of investors

- Advisors and intermediaries who can build trust and understanding

- And a sector that sees this not as a compliance exercise, but as a growth opportunity

Because that is what this is.

An opportunity. A great opportunity at that.

Conclusion

Forty years ago, Ireland made a bold choice.

We chose to build something new.

We chose to compete globally.

And we chose to back ourselves.

Today, we are being asked to make a similar choice again.

To move from a nation of savers, to a nation of investors.

To take the next step in the evolution of our financial system.

And to do so in a way that is inclusive, sustainable, and ambitious.

Because let’s be honest, others are moving. Under 30s across Europe are actively investing on digital platforms on a daily basis. We cannot let our citizens be left behind.

If we approach this with the same clarity of purpose that defined the creation of the IFSC, and if we match that ambition with disciplined execution, then there is no reason Ireland cannot once again set the standard.

Thank you.