Hayes to lead negotiations for the EPP Group on Money Market Funds proposal

Dublin MEP Brian Hayes has been appointed Shadow Rapporteur on the Money Market Funds proposal to be reviewed by the Economic and Monetary Affairs Committee (ECON) in the European Parliament.  

In September 2013, the European Commission published a new proposal which aims to introduce a number of changes to the way in which money market funds are regulated.

Mr Hayes will now lead negotiations on this proposal on behalf of the EPP Group, to which Fine Gael is aligned.

A previously scheduled vote on the proposal was postponed in March 2014 by the ECON Committee, ahead of the new Parliamentary term.

According to the Irish Funds Industry Association (IFIA), Irish domiciled Money Market Funds had assets of €290 billion as of May 2014, making Ireland an important location for global Money Market Funds.