The initiative was announced as Financial Services Ireland (FSI), the Ibec group representing the financial services industry in Ireland, published its new five-year industry strategy.

Covering the 2026 to 2030 period, the strategy provides a roadmap to protect and drive forward Ireland’s position as a competitive financial centre for domestic and international companies.

It also identifies the steps needed to support job creation, drive a domestic retail culture of investment, and expand Ireland’s offering in competitive, high-growth areas such as private markets, AI and digital finance.

Tánaiste and finance minister Simon Harris launched the report today, saying: “I’m very pleased to launch FSI’s new roadmap for ambition, which reflects many of our shared public and private sector priorities.

“These include a focus on increased competitiveness, supporting our deep talent pool and increasing our retail investor participation rates to empower households to secure their long-term financial future.

“I look forward to working with FSI — in particular, in ensuring Irish savers benefit from the objectives of the [EU] Savings and Investment Union.

“I believe hard-working people must get better returns on their savings and I intend to set out proposals in this area in the coming weeks.”

Declan Bolger, CEO of Irish Life Group and chair of FSI, said: “This strategy sets out the roadmap to drive the next phase of growth for Ireland’s financial services industry, ensuring that Ireland not only maintains its competitive position, but can also grow in new areas.

“In this respect, the EU Savings and Investment Union is an especially tangible and time-sensitive opportunity.

“Our established fund management and insurance infrastructure, together with emerging fintech capabilities positions Ireland to offer excellent long-term investment products to Irish domestic investors and to become a hub for the development of products that will help deliver the SIU’s objectives across the EU.

“The first action we are taking is creating a blueprint for a simplified, tax-efficient investment vehicle for Irish consumers.

“We want to work closely with government and other stakeholders to develop common ground on this critical first step. As part of Ibec, we will join forces with other industries wherever possible on our priority issues, and drive success in critical areas of competitiveness.”

FSI director Patricia Callan added: “This strategy is our commitment to help grow the economic contribution of financial services in Ireland over the coming five years.

“We have strong foundations, but global competition is intense and the pace of technological and regulatory change is accelerating. For Ireland to win against this backdrop, a collaborative approach will be required across all stakeholders, including industry, government, and State agencies.

“The potential is enormous and we will approach the next five years with energy and determination to further grow the sector’s contribution to the economy.”