BY PAUL O’DONOGHUE, Senior Correspondent
MAIREAD McGuinness has hailed the team she worked with in her role as European Financial Services Commissioner as she prepares to leave office.
Earlier this month Portugal’s Maria Luís Albuquerque was confirmed as the EU’s new financial services commissioner.
She will replace McGuinness, who was Ireland’s European commissioner.
As she concludes her five year term, McGuinness said she wanted to acknowledge the people who have worked with her.
She paid special attention to the office of the Directorate-General for Financial Stability, known as DG FISMA.
“These committed people have worked to strengthen the EUs financial system and maintain financial stability at a time of great global instability,” she wrote in a post on LinkedIn.
“ It was an honour and privilege to work with the team on a sector of the economy so crucial for people and businesses large and small.
“From tougher anti-money laundering legislation, to a digital euro and regulating crypto, it’s been a hectic time.”
McGuinness singled out the EU’s work on sanctions implementation, which increased significantly since Russia’s illegal invasion of Ukraine in February 2022 and which she said “broke new ground in many aspects”.
The commissioner added that “the scars of the global financial crisis must never be forgotten”.
“A priority for me was to get people talking and thinking about their money and how to prepare for their financial future,” she said.
“So I’m happy that we had time to work on financial literacy; so that we as citizens ask the right questions when interacting with banks, investment firms and insurance companies and get the right answers!
“More importantly – that we have the confidence to do just that.”
McGuinness concluded by stating: “So – thank you to the people of DG FISMA, and I wish colleagues the very best in continuing their important work into the next mandate of the Commission.”
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