James Geoghegan (Dublin Bay South, Fine Gael)
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38. To ask the Minister for Finance the additional measures he intends to take to support and enhance the Irish stock exchange as a vital source of equity and growth for indigenous businesses; and if he will make a statement on the matter. [5079/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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Ireland’s equity markets are diverse comprising of both public and private equity market participants and a wider ecosystem which includes a large number of professional services companies.

The growing importance of large stock market indices linked to the rise in passive investment strategies has been a pull factor in listings activity gravitating towards the largest stock exchanges. As such EU solutions will need to be found to address the common challenges faced by EU exchanges.

The Capital Markets Union (CMU) is a flagship project within EU financial services policy. It aims to deepen and further integrate Europe’s capital markets, support growth, and enhance the resilience of the financial system. CMU will be a key priority of the new Commission.

The EU Capital Markets Union (CMU) project seeks to promote companies’ access to public equity markets through various measures, such as the establishment of EU markets infrastructure, reforms to listings rules, measures designed to increase retail investor participation in capital markets and to promote SME investment research.

Ireland is a strong supporter of CMU as it has the potential to widen the sources of available funding for Irish companies as well as provide opportunities for its export-oriented financial services sector to contribute to a more dynamic and resilient EU economy.

One particular CMU initiative I’d like to draw your attention to is the Listings Act which was agreed last year and is currently being transposed by my Department. It supports improved access to market-based sources of financing for EU companies (particularly smaller firms such as those listed on SME Growth Markets). Key elements of the package include the introduction of simpler prospectus rules and requirements, more proportionate market abuse rules, and provisions to allow companies use multiple vote share structures thereby allowing company founders to retain control while accessing funding on public markets. The Listings Act also introduces measures to encourage and enhance the production and distribution of investment research on mid-sized companies and SMEs which is essential if we are to encourage investment in these companies. The simplification and harmonisation of prospectus rules will make it easier and less expensive for growing indigenous businesses to list on the Irish Stock Market (Euronext) A public consultation on the Listings Act is currently open and officials in the department are working to transpose the Act by the 4 June 2026.

I also would note that Euronext Dublin are launching a springboard Access Market for small companies by the middle of this year, in an attempt to boost the number of listings on the Irish Stock Exchange. The upcoming market will have a lighter regulatory burden for companies and will focus on firms with a value of between €3 million and €10 million that have the potential to scale significantly.

Finally, in his speech introducing Budget 2025, the then Minister for Finance, Mr. Jack Chambers TD, announced that to “further support Irish business to grow and scale, in the coming year my department will, subject to State Aid considerations, introduce a Stamp Duty exemption. This measure would enable Irish SMEs to access equity via financial trading platforms designed to support their funding needs .” In light of this, Department officials are currently involved in ongoing engagement with Euroclear Dublin and others in an effort to progress such an exemption.