Cormac Devlin (Dún Laoghaire, Fianna Fail)
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202. To ask the Minister for Finance for an update on the ongoing work of the EU’s Retail Investment Strategy; when he expects it to be finalised; the means by which that strategy will impact Ireland’s plans to increase retail investment; and if he will make a statement on the matter. [49343/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Retail Investment Strategy (RIS) is a major file related to the Capital Markets Union (CMU)/Savings and Investment Union (SIU) initiative. The key aim of the RIS is to foster an environment conducive to increased participation of retail investors in capital markets in Europe.

The European Commission first adopted the RIS in May 2023, and both the European Parliament and Council (comprising 27 Member States) reached their respective negotiation positions in the first half of 2024. The file is currently in the trilogue stage of negotiations with the European Parliament. Negotiations from the Council’s side are currently being led by the Danish Presidency.

It is too early to predict when negotiations with the European Parliament will be finalised. There are many key, political areas, which need to be agreed upon, such as a way forward on the client journey, Value for Money assessments, and how to treat inducements. Moreover, I understand that efforts are ongoing to simplify the proposals within RIS, as many stakeholders currently view agreements reached as overly-complex, and this will take time. It is my view that such a willingness to improve the RIS reflects a healthy recognition that meaningful, lasting reform must be evidence-based, proportionate, and oriented around users’ real needs.

Ireland strongly believes that the RIS has the potential to be transformative in contributing to the broader goals of boosting retail investment, and the objectives of the SIU in general. We will continue to play a constructive role throughout the negotiations and look forward to a political agreement being reached in the near future.

Under the current Programme for Government, we have 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. I should point out that certain recommendations have already been delivered and many others are in progress or and under active consideration.