Mairead McGuinness appointed EU Commissioner for Financial Stability

Mairead McGuinness is expected to be formally appointed to the role of EU Commissioner for Financial Stability in the coming days. Picture: Sam Boal/RollingNews.ie

The European Parliament has voted to approve Mairead McGuinness as the new EU Commissioner for Financial Stability.

583 MEPs voted in favour of Ms McGuinness' appointment, 75 voted against, and there were 37 abstentions.

Ms McGuinness will replace former Commission Phil Hogan, following his resignation after the Golfgate controversy, first uncovered by the Irish Examiner.

She is expected to be formally appointed to the role in the coming days.

McGuinness has been a Fine Gael MEP for Midlands-North-West since 2004.

Congratulations to Mairead McGuinness. The @Europarl_EN voted in favour of her becoming European Commissioner for Financial Services, Financial Stability & Capital Market. pic.twitter.com/Q1jYaW5ZAl

— European Parliament Ireland (@EPinIreland) October 7, 2020

She has also served as First Vice President of the Parliament.

Speaking after the tallying of the votes, Ms McGuinness said her appointment hadn't sunk in yet.

She said: "It is a little bit unreal, I was very pleased with the support I got from colleagues across the political groups.

"I've been in this parliament for 16 years, so it's a bittersweet moment because I’m really looking forward to the challenge of joining the college of commissioners, and looking after financial stability on those very key areas.

"But there will be part of me too that will miss being part of the European parliament, but as I said to colleagues in my hearing, I intend to stay close to parliament because we cannot make legislation without MEPs."

Ireland South MEP Deirdre Clune was among the first to congratulate Ms McGuinness on her new position.

She said: “I would like to congratulate Mairead on her appointment and wish her well in the role. She is taking on a very important portfolio in the Financial Stability and Financial Services area. 

This is an area that is important at all times for all citizens but particularly now as we face the challenges of Brexit and the effects of a global pandemic.

"I have no doubt that Mairead’s experience as a member of the European Parliament for 16 years will stand to her and to all of us as she starts her new role.” 

IFA President Tim Cullinan also sent his congratulations to Ms McGuinness.

In a statement, Mr Cullinan said: “Today’s overwhelming endorsement from the Parliament, by 583 votes to 75, underlines the stature of Mairead McGuinness on the European stage.

"I want to wish her well in the role and we look forward to working with her

"We are at a very sensitive point in the Brexit negotiations.  There was never a greater need for a strong and authoritative Irish nominee at the Commission table," he added.