The Minister for Finance has said he is confident Ireland can put forward a successor to Phil Hogan that can retain the European trade portfolio.

The leaders of the three Government parties are meting this morning after the European Commission President Ursula von der Leyen invited them to nominate a man and a woman to replace Mr Hogan.

President von der Leyen will then decide whether to hand the coveted trade commissioner role to the new Irish representative or go for a full reshuffle.

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

On Newstalk Breakfast this morning, Finance Minister Paschal Donohoe said Ireland has enough talent to retain the role.

“We are fortunate in that there are a number of people who would be well-qualified for the role in Ireland and the party leaders, I know, are meeting on this topic at the moment in Government," he said.

“I am confident we will be able to put forward a number of candidates that will allow us to secure or indeed retain a very strong position in the commission.”

He ruled himself out of the running, insisting that all of his energy is focused on Ireland’s economic recovery.

“Any role in the European Commission would be a great honour for any person who holds it and it is exceptionally important for Ireland but it is not a role that I would be putting my name forward for,” he said.

“I am really lucky and really privileged to be the Minister for Finance for our country.

“I am so deeply aware of the great challenges that our country faces. That all who are in work, that all who want to go back to work are facing at the moment and I want to play my role in getting us to a better place.”

Wage subsidy

He said the replacement for the Temporary Wage Subsidy Scheme will be “broader and simpler” for employers and workers when it is introduced next week.

“The scheme that will be open from next week is open for more people to apply,” he said.

“We are going to extend it up to the end of next March so it will be in place for longer and it is also going to be simpler. There will be a flat-rate subsidy at two different levels available to any worker who is on this scheme.

“We are encouraging and asking all employers who participated in the current scheme to revisit where they are and look into whether this scheme will be able to help.”