Hayes warns that draft EU rules threaten Irish-based funds

The Fine Gael MEP Brian Hayes has warned that the Irish funds industry faces a serious threat from upcoming EU legislation.

Speaking at an event organised by the Irish Funds Industry Association last week, the former junior finance minister said that draft legislation currently working its way through the European Commission “would be hugely detrimental to the Irish money market fund industry”.

Over €300 billion is currently marshalled in Irish-domiciled money market funds, he said, making Ireland one of the key global players in the industry.

Hayes said that Commission plans to impose a ...