Government urged to advance Irish SIA to encourage long‑term investment and align with EU competitiveness priorities
Thursday 12th February 2026 – As EU leaders meet today to address Europe’s geoeconomic challenges, Banking & Payments Federation Ireland (BPFI) is calling on Government to introduce a domestic Savings & Investment Account (SIA) to encourage long-term investment, strengthen household financial resilience and help channel more Irish capital into productive investment.
In a letter sent to the Taoiseach ahead of the informal leaders’ meeting in Belgium, BPFI put forward that the EU level debate on competitiveness and the future of the Savings & Investment Union (SIU), highlights the growing need for the Irish Government to introduce a domestic Savings and Investment Account (SIA). Given the low levels of participation in EU capital markets by Irish consumers, incentivising simple, long-term investing in line with the SIU, will enable the Government to boost participation in capital markets and increase the flow of domestic savings into Irish and European enterprises.
BPFI calls for a modern SIA to strengthen long-term savings, investment and financial resilience
Speaking today, Brian Hayes, Chief Executive of BPFI, said: “As EU leaders focus this week on Europe’s competitiveness challenge, it is vital that Ireland also examines what we can do at home to strengthen long-term savings, investment and financial resilience. A domestic Savings & Investment Account would give Irish households a simple, internationally competitive way to build assets over time while ensuring more domestic capital is available for Irish businesses and the wider European economy.”
He added: “International experience shows the scale of what is possible. Sweden’s investment account system (ISK) has seen assets rise to the equivalent of 31% of GDP by the end of 2024. An Irish SIA, modelled on successful systems in other EU countries, would give savers a straightforward and tax efficient way to invest for the long term, while helping to mobilise more domestic capital for future Irish enterprises. Even a partial replication of such participation in Ireland would materially expand the pool of long-term domestic savings and support investment in strategic growth sectors.”
“The current features of the Irish tax system, including the 33% capital gains tax rate and the deemed disposal regime on ETFs, act as strong disincentives, despite the clear benefits of diversified, long-term investing. A well-designed SIA based on international best practice would remove these barriers by including a simple and predictable tax structure, no withdrawal restrictions and no limits on geographic investment options. Such an approach would support both individual financial resilience and Ireland’s broader economic needs by increasing the supply of long-term domestic capital available for Irish and EU companies.”
EU context: competitiveness, capital markets and Ireland’s Presidency
“Given the wider geoeconomic context of tomorrow’s EU leaders’ meeting, it is essential for both EU level and domestic reform efforts be accelerated and deliver visible improvements for citizens and businesses. We are calling on Taoiseach Micheál Martin to support the broader agenda to deepen the Single Market and champion a renewed drive for regulatory simplification and the advancement of the Savings and Investment Union (SIU). These steps are essential to improve Europe’s overall competitiveness, scale up investment and better integrate capital markets. We believe that Ireland can play a leading and constructive role in advancing this agenda, particularly ahead of assuming the EU Council Presidency in July.”
ENDS/
Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland. Together with its affiliates, the Federation of International Banks in Ireland, and the Fintech & Payments Association of Ireland, BPFI has over 120 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
For further information contact: Fiona Murphy, Head of Communications, Fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie.
