Government 'hopeful' Michael McGrath will land finance portfolio in Europe

Michael McGrath was nominated by the Government in June with an eye to landing a plum financial portfolio. Picture: Leah Farrell

Former finance minister Michael McGrath will this week discover which European Commission job he has been selected for, with Government sources “hopeful” he will land a finance portfolio.

European Commission president Ursula von der Leyen will tell Mr McGrath on Wednesday which role she has chosen for him, following an interview a fortnight ago, which sources said was considered “very good”.

The Fianna Fáil Cork South-Central TD was nominated by the Government in June with an eye to landing a plum financial portfolio.

However, the decision of Fianna Fáil MEPs to vote against Ms von der Leyen for a second term has been cited as one potential reason why he may not get a high-profile commissionership. 

Likewise, the decision of Ireland not to nominate both a man and a woman for the job has been mooted as hurting Mr McGrath’s chances.

However, Government sources say the Corkman’s experience and his “credibility” on a European level will stand to him, as will Ireland’s standing in Brussels.

Ursula von der Leyen will appoint 27 commissioners. Picture: Richard Drew

In recent days, there has been some optimism in Government circles that Mr McGrath could receive a top job, with one source saying there was “a small chance” that Mr McGrath could keep the financial stability, financial services, and the capital markets union role currently held by Mairead McGuinness.

Mr McGrath faces stiff competition in the appointments process, with three other former finance ministers and three former prime ministers up for selection, but former colleagues have said he is “more than capable of doing any job” in Brussels.

Ms von der Leyen will appoint 27 commissioners, one from each EU state, with individual candidates then going before the relevant European Parliament committees for approval.

Full approval by MEPs will not come until later in the year, perhaps as late as November.

Speaking after his interview late last month, Mr McGrath said it had “gone well”.

“President von der Leyen was naturally very familiar with my CV and we had a good discussion about the major challenges facing the EU over the next five years,” he said. 

“She afforded me the opportunity to set out what contribution I believe I can make to the work of the commission over that period.”

He also spoke about how Ireland had been “transformed” by EU membership.