Dara Calleary is in line to become Ireland’s next Finance Minister – after Jack Chambers was handed the ‘consolation prize’ of Fianna Fáil deputy leader.

That's according to Business Post Editor Daniel McConnell who was speaking as Cabinet prepares to confirm current Finance Minister Michael McGrath as Ireland’s next European Commissioner.

Fianna Fáil was handed the opportunity to make the nomination as part of an unwritten agreement during Government formation talks.

The party also has the right to choose Minister McGrath’s replacement in the Finance portfolio – with the decision expected to be announced later today.

His replacement – which must be another Fianna Fáil member - is expected to be announced later today. 

Mr McConnell told Newstalk Breakfast a promotion is likely for the party’s former deputy leader Dara Calleary. 

“It means that you avoid a wider reshuffle at senior level,” he said. 

“You leave Darragh O’Brien where he is, you leave Stephen Donnelly where he is – you minimise the level of disruption.” 

Dara Calleary

Deputy Calleary was previously Minister for Agriculture from July 2020 to August 2020 – but had to resign as Minister and deputy leader in the wake of the Golfgate scandal. 

He is “extremely well-liked in Fianna Fáil circles” despite this controversy, according to Mr McConnell. 

“He is probably seen as having paid a heavy price for having to resign in 2020,” he said. 

Fianna Fail Minister of State Dara Calleary speaking in Dublin, 27-10-22. Image: Sam Boal /Rollingnews.ie

Mr McConnell said there is a “frosty relationship” between Deputy Calleary and Fianna Fáil leader Micheál Martin – but there is an “appeal” to appointing him Finance Minister. 

“At a time of flux when you've already got a Green Party leadership contest going on, the idea of minimising disruption would certainly have appeal,” he said. 

“Micheál Martin has made curious decisions in the past - so I couldn't say for certain, but I would certainly think any of the personal animosities can be overcome.” 

Jack Chambers

There is also speculation linking Fianna Fáil’s newly appointed deputy leader Jack Chambers to the Finance role; however, Mr McConell said this is unlikely following his promotion.

Mr McConnell, however, said Deputy Chamber’s promotion last week might have been a red herring. 

“To some that was being seen as a potential consolation prize for not getting this promotion [to Finance],” he said. 

Appointing the Minister

Mr McConnell also suggested Education Minister Norma Foley could make the move to Finance. 

“A rather curious choice to some, but it's been mentioned that Micheál may want to be seen to appoint the first woman Minister for Finance,” he said. 

“Appointing Norma would be a very ‘Micheál’ thing to do.” 

Outgoing Minister McGrath will succeed Fine Gael-nominated commissioner Mairead McGuinness.