With €170bn on deposit, Simon Harris targets new savings incentive to open investing to ordinary families.
The Tánaiste, Mr Simon Harris, plans to bring a framework to Government in the first half of 2026 for an incentivised savings scheme, aimed at people who feel shut out of investing by complexity, tax rules and high minimum entry points.
The proposed retail investment strategy is intended to help households build stronger financial resilience, while also channelling more money into the productive economy. Mr Harris has pointed to the scale of cash sitting in deposit accounts in Ireland, estimating it at about €170 billion, and has argued that policy should help those savings work harder for individuals and families as well as supporting small and medium-sized businesses.
Speaking in Brussels during meetings of EU finance ministers, he signalled that the plan would be developed quickly, with an early Cabinet discussion, followed by a dedicated savings and investment forum to gather views from stakeholders and industry. Engagement with the Central Bank of Ireland is also expected as part of the design work.
The Tánaiste has indicated he wants proposals ready for the next Finance Bill, while acknowledging that key issues include the overall tax treatment and the lack of accessible retail investment products through mainstream banks. He has also linked the domestic plan to the push at European Union level for a Savings and Investment Union, arguing that Ireland should align with that agenda in a way that delivers clear benefits for Irish savers.
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