Mairead McGuinness says Michael D'Arcy should be investigated by SIPO

Mairead McGuinness. PFile picture: RollingNews.ie

Mairead McGuinness has told the European Parliament that Michael D'arcy's career move should be investigated by SIPO.

The Former MEP made the comments about her party colleague while facing questions from MEPs about her suitability for the role of EU Commissioner for Financial Services, Financial stability and the Capital Markets Union

Ms McGuinness said she "disagrees completely" with Michael D'Arcy's decision to take up a position with the Irish Association of Investment Managers.

"We have an agency in Ireland, the Standards in Public Office. I think they should look into this. I think revolving doors are extremely dangerous for stability."

"I think we need to be mindful that there are rules in our house but also in the Commission over what is appropriate or not for commissioners to do because it sends out the wrong signal," she said.

The Midlands North West MEP is on track to become EU Commissioner for Financial services, while Finance Minister Paschal Donohoe is President of the Eurogroup and Philip Lane is chief economist at the European Central Bank.

Ms McGuinness also said it was not a conspiracy that three leading financial roles in Europe would be taken over by Irish people 

"I want to assure you that there was no plot that would be 3 Irish in these positions."

"I don't think you should fear the Irish, we have ways of working which I think can help sometimes. We crack a joke sometimes when it's really very difficult and stressful."

In a statement released after the three-hour questioning, Mairéad McGuinness said she paid tribute to John Hume for his work to combat social and economic injustice. 

Ms McGuinness added that such European values are what she aims to instil in our financial system: “fairness, inclusivity, innovation and the strongest possible focus on consumer needs and protections”, she underlined.

Earlier, Fianna Fáil MEP Billy Kelleher said it was vital Ms McGuinness cleared this hurdle so her appointment can move forward and the Commission can get on with its work.

“It will move very quickly, and we do need to get one with the business.

“We can’t have much interference in terms of commission policy.

“We have big challenges in terms of Covid, shrinking economies across Europe. We need to get the recovery fund up and running.” 

Mr Kelleher added that with Brexit continuing the commission didn’t need “any further political distractions”.

The trade portfolio vacated by Mr Hogan has been assigned to Commission Executive Vice-President Valdis Dombrovskis from Latvia.

Last month, Taoiseach Micheál Martin said he had no doubt that Ms McGuinness “will serve with distinction and will play a key role in the work of the Commission”.

EU Commission president Ursula Von Der Leyen said Ms McGuinness has "significant political experience" on EU issues.

"This experience is crucial in carrying forward the EU's financial sector policy agenda and ensuring it supports and strengthens the Commission's key priorities, notably the twin green and digital transition."