Former Junior Finance Minister Michael D’Arcy to become head of the fund industry lobby

Former Junior Finance Minister Michael D’Arcy is stepping down from Seanad to become Executive Director of the Irish Association for Investment Management (IAIM), a representative body for the investment and fund industry.

D’Arcy was TD for the Wexford constituency from 2016 to 2020, and previously from 2007 to 2011. He served as Minister of State in the Department of Finance from 2017 to 2020.

D’Arcy worked on policies related to the fund sector in his role as Minister of State responsible for financial services and insurance.

He lost his seat in this year’s general election and was elected to the Seanad for the Agricultural Panel in April. He previously served as a Senator on the Administrative Panel from 2011 to 2016, and as a local councilor.

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The Irish Times reported today on D’Arcy’s appointment to IAIM and was confirmed by a statement from Fine Gael this morning.

The Lobbying Regulation Act of 2015 prohibits an office holder from participating in any lobbying for 12 months after leaving office, but can apply for a waiver from the Standards Commission in Public Office (Sipo).

D’Arcy has tendered his resignation from Seanad Éireann to Tánaiste and Fine Gael leader Leo Varadkar. In a statement, he said that he reached the decision “after a period of reflection during the summer.”

“I have made my greatest contribution to public life and now I want to start a new career that I can confirm will be with the Irish Association of Investment Managers.”

D’Arcy thanked the people of Wexford for their support and said he remains “a proud supporter of Fine Gael.”

Varadkar said he “regrets losing” D’Arcy of the Fine Gael parliamentary party “but can understand why he made this decision.”

“I would have loved to see Michael return to the Dáil as TD and Minister after the next elections, but understand that after 20 years in public life he wants to start a new chapter in his life.”

Varadkar added that IAIM is “fortunate to hire someone of his caliber.”

D’Arcy was a supporter of Varadkar in his successful leadership campaign at Fine Gael and the Tánaiste thanked him for the “pivotal role he played in helping me become the leader of my party.”

Varadkar said that Fine Gael has started the process of selecting his candidate to contest the Seanad by-elections that will emerge now.