Shane Moynihan (Dublin Mid West, Fianna Fail)
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379. To ask the Minister for Finance the position Ireland has taken during the recently completed review of Solvency II in relation to the extension of powers to EIOPA regarding cross-border insurance sales. [10566/25]

Shane Moynihan (Dublin Mid West, Fianna Fail)
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380. To ask the Minister for Finance the position Ireland has taken on the question of making EIOPA subject to parliamentary scrutiny at EU and Member State level. [10567/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 379 and 380 together.

As the Deputy is aware, the European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory institution which acts as an independent advisory body to the European Commission, the European Parliament and the Council of the European Union. Its mission is to protect the public interest by contributing to the short, medium and long-term stability and effectiveness of the financial system for the European Union economy, its citizens and businesses.

There is a robust and comprehensive regulatory regime in place in Ireland for financial services providers, operated by the independent regulator, the Central Bank of Ireland. The Central Bank of Ireland is responsible for determining what measures or actions need to be taken with respect to regulated financial service providers and engages regularly with the relevant European authorities, including EIOPA, in order to ensure high quality common regulatory and supervisory standards and procedures are applied consistently.

Ireland recognises the importance of effective oversight of EU agencies, while ensuring that regulatory frameworks remain proportionate and fit for purpose. In this context, Ireland has engaged constructively in discussions on EIOPA’s role, including during the recent review of Solvency II, which examined aspects of EIOPA’s powers in relation to cross-border insurance supervision. During this review, Ireland supported a balanced approach that strengthened EIOPA’s ability to facilitate cooperation and information-sharing between national regulators while maintaining the primary responsibility of national supervisory authorities. It is also important to note that the Solvency II review did not result in a significant extension of EIOPA’s powers. Rather, the focus has been on improving coordination mechanisms and ensuring that EIOPA can play an effective role in addressing supervisory challenges, particularly in cross-border cases.

At an EU level, the role of EIOPA must also be considered in the broader discussion on Capital Markets Union (CMU). This is a flagship project within EU financial services policy which aims to deepen and further integrate Europe’s capital markets, support growth and enhance the resilience of the financial system. The Eurogroup (in inclusive format) following a thematic assessment on the future of CMU, issued a statement in March 2024 which sets out priority areas of action and concrete measures for taking forward the CMU. Ireland supports the statement and roadmap set out by the Eurogroup, which provides a robust way forward to develop proposals for legislative measures to progress the CMU.

Further development of the common rulebook is supported by the Eurogroup as well as examining a broad range of options to enhance supervisory convergence through a more efficient and effective use of the existing powers of the European Supervisory Authorities and a possible targeted strengthening of their role and governance arrangements. The aim is to deliver a more harmonised enforcement of rules, improving the access to and the attractiveness of EU capital markets and building trust in the single market for EU capital.

My officials engage with EIOPA both in the various committees and working groups that both the Member States and EIOPA participate in and also bilaterally from time to time. There are currently no specific legislative proposals before the Council on extending EIOPA's powers. Ireland will continue to engage at EU level to ensure that any changes to EIOPA’s governance strike the right balance between accountability, regulatory effectiveness, and the role of national authorities in financial supervision.