Joe Neville (Kildare North, Fine Gael)
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545. To ask the Minister for Finance the means by which he plans to support the Irish Stock Exchange in line with the Programme for Government commitments, including in the context of recent delisting's from the exchange; and to outline the consultations he has had with the exchange and its ecosystem on future support for the exchange. [46418/25]

Eoin Hayes (Dublin Bay South, Social Democrats)
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597. To ask the Minister for Finance to outline the work his Department is undertaking ahead of Budget 2026 to deliver on the two Programme for Government commitments to work with, and support, the Irish Stock Exchange; whether he has met with the Irish Stock Exchange since the publication of the Programme for Government; and if he will make a statement on the matter. [47265/25]

John Clendennen (Offaly, Fine Gael)
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603. To ask the Minister for Finance if he has met or will meet, with the Irish Stock Exchange ahead of Budget 2026 to discuss their proposals to support the future of the exchange; and if he will make a statement on the matter. [47385/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 545, 597 and 603 together.

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). Officials in the Department are working to transpose the Act by the 4 June 2026.

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.

This position announced by Minister Chambers last year is in line with the Government’s consistently held view that Ireland’s capital markets are essential to the growth of homegrown businesses, especially those aiming to expand internationally. This position is also reflected in the 2025 Programme for Government “Securing Ireland’s Future” which states (on page 19) that the Government will “Explore opportunities to enhance the Irish Stock Exchange as a vital source of equity and growth for indigenous businesses”.

As Minister for Finance, I receive a vast number of pre-Budget Submissions each year relating to the annual Budget. These come from a wide variety of groups, representative organisations and private individuals. I can confirm that a pre-Budget Submission on behalf of the organisation to which the Deputy refers has been received by my Department, along with a request for a meeting with me in advance of the Budget. This meeting request has been under consideration for some time due to diary pressures. My Department places a high priority on ongoing engagement with stakeholders and I have already met with many groups and representative organisations in the run-up to the Budget. As the Deputy will understand, it is not practical for all such requests to be accommodated. However, I can confirm that Minister of State Troy has met with Euronext Dublin along with senior officials to discuss their pre-budget submission in June of this year and I also understand that a meeting at senior official level has been sought in recent days.

Joe Neville (Kildare North, Fine Gael)
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546. To ask the Minister for Finance the action he has taken, or is planning to take, to support the future of Ireland's equity capital markets in line with the recommendations of previous reports (details supplied). [46419/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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Ireland’s equity markets are diverse, encompassing both public and private equity market participants and a wider ecosystem which includes a large number of professional services firms. It is clear that public equity markets in Europe, including Ireland, have been facing significant challenges over the last decade due to a variety of overlapping reasons. This includes competition from private equity and from more liquid US capital markets. The increasing importance of large stock market indices linked to the rise in passive investment strategies has also 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.

Earlier this year, the European Commission has launched the Savings and Investments Union (SIU) Strategy, which includes measures to advance the Capital Markets Union (CMU) initiative. The SIU 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. These measures build on those contained within the CMU Action Plan of 2020, which included a number of legislative files, including the Listings Act, ESAP (European Single Access Point) and MiFID II Review that are currently being transposed. The SIU Strategy then will build on the progress made by the CMU Action Plan. Ireland is a strong supporter of the SIU initiative and is actively involved in its development, including measures specifically designed to promote companies seeking to access funding through Initial Public Offerings (IPOs).

The regulatory framework for primary markets is largely EU based and, in this regard, there are currently EU legislative proposals (“EU Listings Act”) that 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.

At a national level, I am aware that in 2023 a Grant Thorton report was commissioned by Euronext Dublin and other market participants, which contains a number of recommendations to revitalise Irish equity markets. In addition, the Irish Equity Market Forum have, over the course of the last year, submitted a report that offers suggestions to help address the challenges facing equity capital markets here. These reports and encompassing proposals continue to be considered.

Domestically, we are reviewing the recommendations from the Funds Review. On 22 October 2024 ‘Funds Sector 2030: A Framework for Open, Resilient & Developing Markets’ was published. It was a wide-ranging review of the funds and asset management sector. The Programme for Government has committed to progress and publish an implementation plan for consideration in Budget 2026 taking into consideration the Funds Review recommendations to unlock retail investment and opportunities to grow this sector in Ireland. Detailed consideration is therefore being given to the best way to bring about the necessary reforms and to support a greater level of retail investment in capital markets. It is likely given the breadth of the Funds Sector 2030 review that the delivery of associated tax measures may take place over multiple Finance Bill cycles. This work will also take account of developments at an EU level in respect of the Savings Investment Union.