Michael McGrath dismisses rumours he could be Europe-bound

Finance Minister linked with role as EU commissioner, but says he's not sure where that speculation has come from' and is 'completely focused' on budget

Finance Minister Michael McGrath: 'I'm completely focused on the budget next week, and I expect to be here this time next year alongside Minister [Paschal] Donohoe bringing forward our fifth budget. And I look forward to contesting the next election in Cork South Central.' File picture: David Young/PA

Finance Minister Michael McGrath has dismissed rumours he is eyeing up a position in Europe by insisting that he intends to contest the next general election.

Speculation has been mounting that Mr McGrath may seek to put his name forward for a role as European commissioner, which will be up for grabs after EU elections next summer.

Some members of Fianna Fáil suggested the Cork South Central TD is interested in putting his name forward for the position, which has a salary of €270,000.

Tánaiste Micheál Martin is understood to be determined to lead his party into the next election, with Fianna Fáil sources stating he is “adamant” he will be staying on and not going to Europe.

Mr McGrath addressed the speculation on Tuesday while at a press conference. Asked whether he is considering a move to Europe, he said he has not contributed to any of the speculation.

"I'm not sure where that speculation has come from, I certainly haven't contributed to it,” he said.

"I'm completely focused on the budget next week, and I expect to be here this time next year alongside Minister [Paschal] Donohoe bringing forward our fifth budget. And I look forward to contesting the next election in Cork South Central."

However, Fianna Fáil sources claim that the party would look to Mr McGrath as the second most senior party member and believe he can’t ignore the possibility of an opening for him in Europe. 

Party sources also pointed to Mr McGrath’s brother Seamus, who is a Cork councillor and would be lined up to run in his place if the finance minister went for the European commissioner role.

Current commissioner Mairead McGuiness's term is due to end next summer, and it will be up to the Fianna Fáil leadership to nominate her successor as part of a foundation Coalition deal with Fine Gael.

One Fianna Fáil source said: “McGrath has already established himself in Brussels and has represented the country at Ecofin and Eurogroup so they’re already very familiar with him over there.

“If Micheál Martin sticks to his word and doesn’t actually go, well then the obvious choice would be Michael and it’d be hard to think he wouldn’t take that opportunity.” 

However, a second party source said they believe Mr McGrath would have leadership ambitions when Mr Martin decides to step down and the Cork South Central TD is one of two names consistently mentioned to replace him as Fianna Fáil leader.

“A lot of people would be of the view that Michael or Darragh [O’Brien] would become the next leader of the party. Jack [Chambers] too but in the future,” they said.