
Tanaiste to announce plans to accelerate purchase of new defence materials
Tánaiste Simon Harris will announce plans to accelerate Ireland's acquisition of defence capabilities such as force protection, artillery, cyber and air defence systems today.
The Irish Mirror understands that Mr Harris, who is also the Defence Minister, is expected to formally sign up to an EU instrument called Security Action for Europe (SAFE).
This was agreed on May 29, 2025 and will provide financial assistance to Member States to support their urgent 'public investments' in defence industrial production, aiming to increase production capacity, improve the availability of defence products and address capability gaps.
Sources said that this will allow Ireland to invest in defence in a more prompt fashion.
This will enable the Defence Forces to acquire specific equipment up to two years quicker than under the current procurement rules.
The capability areas that SAFE will cover include ammunition, artillery systems, ground combat capabilities, soldier equipment and critical infrastructure protection, including cyber protection, military mobility, air defence systems, maritime surface and underwater capabilities and drones and anti-drone systems.
Mr Harris is expected to say that he has been 'steadfast' in his commitment to investing in the Defence Forces and moving towards Level of Ambition 2 by 2028, before then moving on to Level of Ambition 3, as outlined in the Commission on the Defence Forces.
The Tánaiste is further expected to outline his determination to 'provide for the development of a full spectrum of Defence Force Capabilities that will bring Ireland in line with other similar-sized European countries'.
He will add: 'I have agreed, therefore, that the Department of Defence should leverage the common procurement opportunities offered under the SAFE (Security Action for Europe) Regulation as much as possible to progress delivery of Ireland's defence capabilities needs as quickly as possible.'
The Irish Mirror's Crime Writers Michael O'Toole and Paul Healy are writing a new weekly newsletter called Crime Ireland. Click here to sign up and get it delivered to your inbox every week
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


RTÉ News
an hour ago
- RTÉ News
EU leaders agree to extend Russian sanctions
The EU's 27 leaders have agreed to extend sanctions on Russia for another six months, resolving fears that Kremlin-friendly Hungary would let the measures lapse, officials said. The decision at a summit in Brussels yesterday means that the EU's sweeping sanctions over the war in Ukraine, including the freezing of more than €200 billion in Russian central bank assets, will remain in force until at least early 2026. It comes after officials said they were preparing contingency plans to keep the bloc's economic punishments on Moscow in place should Hungarian Prime Minister Viktor Orbán refuse to budge. EU counterparts had feared a refusal by Hungary to renew the measures could impede the leverage the bloc holds over Russia as the United States presses peace efforts. Mr Orbán took the decision to the wire the last time the sanctions, which need to be extended every six months, came up for renewal in January. But while the EU made sure its existing measures will remain in place, it failed to get clearance on a new package of sanctions due to a blockage by Hungary's ally Slovakia. At the summit, Slovakia's Prime Minister Roberto Fico refused to greenlight the new round of sanctions due to a separate dispute with Brussels over plans to cut off imports of Russian gas by the end of 2027. Slovakia remains dependent on Russian gas imports and earns money from transit fees for supplies piped across its territory. Mr Fico held talks with EU chief Ursula von der Leyen yesterday but failed to get the concessions that he wants and announced he would hold approval of the sanctions package. Ukraine's President Volodymyr Zelensky urged EU leaders in a video address to adopt the strong package "targeting Russia's oil trade, shadow tanker fleet, banks and supply chains that bring equipment or parts for making weapons". Officials say, however, that a push to lower a price cap on Russian oil exports has been shelved after the United States failed to back the push as part of a broader G7 initiative. Trade talks Meanwhile Ms von der Leyen did not rule out that tariff talks with the United States could fail, saying "all options remain on the table" as the EU leaders discussed new proposals from Washington on a trade deal. Time could be running out for the bloc to find a common position before a respite on higher tariffs threatened by US President Donald Trump expires on 9 July, which will impact exporters from cars to pharmaceuticals. However, the White House said Mr Trump could extend a July deadline for higher tariffs on imports. Press Secretary Karoline Leavitt told reporters the "deadline is not critical". European leaders were meeting to decide whether they want to push for a quick trade agreement or keep fighting for a better deal, with the EU's two biggest economies apparently at odds. German Chancellor Friedrich Merz urged the EU to do a "quick and simple" trade deal rather than a "slow and complicated" one. But in a separate briefing, French President Emmanuel Macron, while also wanting a quick and pragmatic trade deal, said his country would not accept terms that were not balanced. All tools must be used to ensure a fair deal and if the US baseline rate of 10% remained in place, then Europe's response would have to have an equivalent impact, he said. "Our goodwill should not be seen as a weakness," Mr Macron added. French officials have argued the commission should take a firmer stance including by targeting US services. Taoiseach Micheál Martin said there is a strong appetite at EU level for a trade deal with the United States. Mr Martin said "every effort has to be made to get a landing zone that we can live with". "It's not ideal. It's not optimal. Europe doesn't want tariffs, but we have to deal with the situation that is before us," he added. Similarly, Mr Merz said European leaders were "basically united" on concluding the Mercosur trade deal with the South American trade bloc, but Mr Macron said he could not support the deal in its current form. Ms Von der Leyen said yesterday the EU had received the latest US document for further negotiations and the bloc was still assessing it. "We are ready for a deal. At the same time, we are preparing for the possibility that no satisfactory agreement is reached," she told reporters, adding: "In short, all options remain on the table." No specifics were immediately available on the document, which one EU diplomat described as a "two-pager, principle agreement", adding the United States did not want to get into specific industrial sectors. The bloc is already subject to US import tariffs of 50% on its steel and aluminium, 25% for cars and car parts along with the 10% tariff on most other EU goods that Mr Trump has threatened could rise to 50% without an agreement. The European Union has agreed, but not imposed, tariffs on €21 billion of US goods and is debating a further package of tariffs on up to €95 billion of US imports. Among the EU rebalancing options is a tax on digital advertising, which would hit US giants like Alphabet Inc's Google, Meta, Apple, X and Microsoft and eat into the trade surplus in services the US has with the EU. The EU leaders also discussed ideas to carve out a new form of trade cooperation with Asia-Pacific countries that would be a way of reforming what they see as an ineffective World Trade Organisation. Mr Merz said the idea was in its early stages but could include mechanisms to resolve disputes as the WTO was meant to do.


Irish Independent
2 hours ago
- Irish Independent
Ireland set to speed up defence spending by signing up to €150bn EU programme
The Security Action for Europe (SAFE) initiative was brought into force last month as the EU aims to become more sovereign and better equipped to defend itself. The aim of the programme is to finance urgent and large-scale investments defence technology to strengthen Europe's overall defence readiness. Tánaiste Simon Harris is expected to formally sign up to the SAFE legislative instrument today which will allow Ireland to invest in defence in a more speedily fashion. It is expected to now make it much faster for Ireland to acquire specific equipment in areas prioritised by the Defence Forces, in some cases up to two years quicker than under current procurement rules. The capability areas covered by SAFE include air defence systems, maritime surveillance, drones and anti-drone systems, as well as artillery systems. Mr Harris, who is also Minister for Defence, says he has been 'steadfast' in his commitment to invest in the Irish military. The Tánaiste also emphasised he is determined to 'provide for the development of a full spectrum of Defence Force Capabilities that will bring Ireland in line with other similar-sized European countries.' 'I have agreed, therefore, that the Department of Defence should leverage the common procurement opportunities offered under the SAFE Regulation as much as possible to progress delivery of Ireland's defence capabilities needs as quickly as possible,' he added. The European Commission says that member states that wish to invest in defence industrial production can do so through common procurement to boost production capacity and address existing capability gaps. While Ireland will focus on procuring equipment quicker through the programme, it may not require the SAFE initiative to access funds. It will also allow the EU to further support Ukraine by associating its defence industry to the SAFE initiative from the start. Announcing the instrument coming into force last month Adam Szłapka, Polish Minister for the EU, said that the first large-scale defence investment programme is worth €150bn. 'This is unprecedented instrument which will boost our defence capabilities and support our defence industry. The more we invest in our security and defence, the better we deter those who wish us harm,' he said.


Irish Examiner
2 hours ago
- Irish Examiner
Highly-rated Irish funds sector offers a lucrative career path
Ireland's funds sector is creating a wealth of rewarding career paths as the nation cements its reputation as an EU funds industry leader. EU-based investors have €1 trillion of investments in Irish-domiciled funds, giving them access to investments in Europe and globally. And by attracting global capital into the EU, Irish-domiciled funds have €1 trillion invested into assets across the EU. The funds industry in Ireland generated €11.45bn in revenue and contributed €15.4bn in gross value added (GVA) to the Irish economy in 2023. A recent report by Irish Funds, the voice for Ireland's investment funds and asset management industry for more than 30 years, showed that the sector employed more than 19,500 people and contributed nearly €1bn in direct tax revenue in 2023. Direct employment in the sector has grown by 22% over the past five years, with nearly half of those working in the industry now located outside Dublin. In this Q&A interview, Pat Lardner, CEO of Irish Funds, outlines some of the factors driving new jobs growth in the sector, as well as looking at how actions to support the sector and to boost people's financial literacy can be of huge benefit to the Irish economy. How have remote and flexible work options boosted talent retention in the sector? The Irish funds and asset management industry was quick to adapt to remote working during the pandemic, and that agility has paid long-term dividends. Today, flexible and hybrid work models are commonplace. The industry's ability to incorporate regional talent has significantly increased, with employment outside of Dublin now accounting for almost 46% of the total workforce. This expansion across the country, which supports balanced regional development has deepened the talent pool and improved retention. Flexible work has also been a critical factor in supporting gender inclusion. Hybrid working supports women staying in, or re-entering, the workforce. Returner programmes at several companies in the funds and asset management industry are a testament to this shift. Firms are positioning themselves to attract and retain the best talent across the country. How are employers helping to address the fact that over 50% of adults in Ireland fall below the OECD minimum level of financial literacy? Ireland's financial literacy gap is a serious concern, but the funds and asset management industry is actively part of the solution. Increasingly, firms are investing in outreach programmes, including Transition Year (TY) initiatives, that equip young people with the financial knowledge they need to navigate adulthood. Irish Funds, the representative body for the sector, has worked to scale these types of educational engagements, including through the Irish Funds TY Programme. Last year the programme reached 750 students in 23 schools in 14 counties across Ireland, supported by 43 industry volunteers. Financial Literacy programmes are designed not only to inform students but to demystify the world of investment and savings. This outreach is essential: understanding how money works, how to manage it, and how to plan for the future are foundational life skills, yet many adults report lacking confidence in these areas. By targeting teenagers, the industry is aiming to shift long-term behaviours. These efforts complement broader policy goals to enhance financial wellbeing and reduce inequality of access to financial tools and advice. We are also supporters of the National Financial Literacy Strategy, launched by the Minister for Finance earlier this year. How does the fund and asset management industry support savers in Ireland and the broader economy? Ireland's funds and asset management industry plays a crucial role not only globally but domestically as well. At its core, it helps channel savings into productive investment such as supporting businesses, infrastructure, innovation, and economic resilience. For individual savers, the industry provides access to better long-term outcomes than traditional savings accounts. With inflation and rising living costs, holding wealth in deposit accounts often leads to value erosion over time. Investment funds help grow savings and preserve purchasing power. On a macro level, the industry is a major economic contributor. According to the latest Indecon Economic Impact report, it added €15.4 billion in gross value to the Irish economy and supports 37,500 full-time equivalent jobs across the country. This includes a notable 100% increase in regional employment over the past five years. As more Irish people engage with investment products — whether through pension funds, ETFs, or private assets — the sector's relevance to everyday lives is only set to grow. How will the proposed Savings and Investment Union (SIU) reform support Irish savers? The EU's proposed Savings and Investment Union (SIU) is a transformative initiative aimed at boosting financial market integration across Europe, and Ireland is well placed to lead in this area. Its goals are simple — make it easier and more attractive for people across the EU to invest their money, rather than leave it idle in deposits. For Irish savers, SIU could mean greater access to a broader range of investment products, improved transparency, and potentially more favourable tax and regulatory conditions. It would also help to reduce some of the structural barriers that currently discourage long-term investing, such as the high exit tax on fund returns compared to deposit interest. Ireland's funds industry has an important role to play in shaping and delivering the SIU. As a leading EU domicile and distribution hub, our expertise and infrastructure can support the mobilisation of savings into investments that power the real economy. Whether it's funding climate transitions, digital infrastructure, or housing, the SIU can help ensure capital flows to where it's needed most while supporting savers in achieving better financial outcomes.