Mairead McGuinness has been confirmed Ireland’s new EU Commissioner.

European Commission President Ursula von der Leyen announced the decision this morning.

The Irish Government had put forward Ms McGuinness and Andrew McDowell to replace Phil Hogan following his resignation earlier this month.

The President of the European Commission Ursula von der Leyen attends a meeting of the European Parliament, 23-06-2020. Image: Thierry Monasse/dpa

Announcing the appointment, President von der Leyen said: “Both candidates showed great commitment to the European Union and to the function of commissioner.

“They were both excellent candidates,” she said. “They both clearly have significant experience of EU matters, of course from different perspectives.”

President @vonderleyen will propose to the European Council and Parliament the appointment of @MaireadMcGMEP to the post of Commissioner.

She will be in charge of Financial Services, Financial Stability and Capital Markets Union.https://t.co/eXB9gHOzgh

— EU Commission in Ireland (@eurireland) September 8, 2020

She then confirmed that she was appointing Mrs McGuinness to the post of EU Commissioner in charge of financial services, financial stability and the capital markets union.

She said Executive Vice President Valdis Dombrovskis, who took control of the trade portfolio after Mr Hogan’s resignation, would now take the role full time.

“Mrs McGuinness has significant political experience on EU issues having been an MEP since 2004 and currently holding the role of First Vice President of the European Parliament,” she said.

“This experience is crucial in carrying forward the EUs financial sector policy agenda and ensuring it supports and strengthens the commissions key priority notably the twin green and digital transitions.”

The Taoiseach Micheal Martin at biotech research firm APC in Cherrywood, Dublin, 04-09-2020. Image: Sasko Lazarov/RollingNews

In a statement, the Taoiseach Micheál Martin said he spoke to President von der Leyen before she made the announcement.

“Mairead McGuinness has represented Ireland in the European Parliament with distinction for sixteen years, and I am confident that she will now be an excellent Commissioner, working for the whole of the European Union,” he said.

“I congratulate her wholeheartedly on her selection.

“The Financial Services portfolio is a hugely significant one and I am very pleased that this post has been secured for the Commissioner designate.

The European Commissioner designate for Trade Phil Hogan answers questions during a hearing at the European Parliament in Brussels, 30-09-2019. Image: AP Photo/Virginia Mayo

Mr Hogan resigned his position in late August, a week after attending the Oireachtas Golf Society Dinner in County Galway.

The Taoiseach has faced criticism from within his own party for his decision to issue a joint statement with the Tánaiste and the Green Party leader calling on the then-commissioner to consider his position.

The statement effectively forced him to resign, taking the key EU trade portfolio our of Irish hands with just weeks to go until Brexit.