On 2nd Ocober 2020, Mairead McGUINNESS, from Ireland, Commissioner-designate, Financial Services, Financial Stability and the Capital Markets Union, is heard by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels to test her general competences, European commitment and specific expertise related to her portfolio. Concluding remarks by Mairead McGUINNESS and closing by Irene TINAGLI (S&D,IT), ECON Chair. The following transcription is the result of an automatic process. Check Against delivery.

Brussels

McGUINNESS, Mairead (EPP, IE)

Committee on Economic and Monetary Affairs

hearing of Commissioners

TINAGLI, Irene (S&D, IT)

hearing of Mairead MCGUINNESS 2020 (T)

Hearing of Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union: Concluding remarks by Mairead McGUINNESS and closing by Irene TINAGLI (S&D,IT), ECON Chair

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, Thank you very much, honourable Chair, and thank you colleagues, for sticking with me, because there are still a good number of colleagues in the room, and I know many are online. And thank you for some really good exchanges on issues that are, you know, important to all of us. So my sincere thanks in that regard. And also to those that were able to speak to me before this hearing, it really did help focus my mind on, if you like, the substantive issues.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, I've mentioned, the financial stability, SMEs, we have talked about the need for banking union. On all of these, I want to say to you very clearly that I am committed to working fully with you.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, This building, this parliament, both in Brussels and Strasbourg, has been my home away from home for the past 16 years. My constituency in Northern Ireland, which I want to mention now, because I have many faithful followers and good friends, Midlands, North, West. It borders that invisible border with Northern Ireland.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, My memories of growing up in County Loud are of the troubles. And I want to thank colleagues in this room who walked with Ireland through this very difficult path on Brexit and the withdrawal agreement.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, The late John Hume MEP who passed away this summer was amongst the key architects of the peace process, culminating in the Good Friday Agreement. My children, and we have fou,r no nothing of the past other than through their history books. Whereas I lived through and saw some of the horrors, as indeed other Irish colleagues, Mr Wallace and others will will say also.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, But I want to say that we owe so much to John Hume for his relentless pursuit of peace. It really inspired many in this building and indeed Europe and this parliament provided a very neutral space for talks to happen that couldn't happen on Irish soil.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, John, like myself, although I will never, ever walk quite in the way that he did because he was such an inspiration. He loved the European project because he saw it as a way to build peace. And for him, fundamentally, it was about peace, about bringing people together by respecting differences, and it's a value that I absolutely share.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, But what's really lovely about John Hume was that at the start of his career, he was a founder of the credit union in his home city of Derry. And at the age of 27, in 1964, he became president of the Irish League of Credit Unions because he recognised the importance of finance for social inclusion.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, His community, nationalists in Northern Ireland, were generally poorer and faced discrimination when it came to accessing banks and other services. So he set up an alternative. His work led to his involvement in politics. It was central to his beliefs, and he wanted to combat social and economic injustice as a basis for peaceful and prosperous coexistence.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, In my opening remarks, I spoke about a financial system that underpins a more inclusive society. And this will remain my core priority if you choose to approve me. I really believe that the work we can do together will be so important for us to recover from the current crisis.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, The underlying strength of our financial services will be one of the key tools to making sure we can rebuild our society and our economy. You know, my vision for the banking union: Capital Markets Union, sustainable finance, the digital finance strategy. At the heart of all of this, we have to have our European values and we need to instil them into the financial system. Where they are weak, we need to strengthen them.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, Fairness, inclusivity, innovation and the strongest possible focus on consumer needs and protections. Our citizens will look to us to provide leadership and make the right choices in the coming weeks and months, and they will not be easy weeks and months. We have the historic next generation EU recovery plan, a roadmap for a new Europe. It is an exciting, if not challenging time.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, I want a Europe that leads the world in climate and digital transitions. A Europe that works with our partners to drive positive change at the global level. The financial sector must play its full part. If you approve me today, I commit to working tirelessly to deliver the agenda I have outlined. But I will not do it on my own. I can only do it with your very close cooperation.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, And my final remark is this. It is very hard in my mind to leave the parliament or to leave it behind. So I would say very openly and with some emotion that the thought of leaving this parliament where I have lived and worked with so many colleagues across political groups is a source of sadness, but also, I believe from the parliament's perspective, to have a parliamentarian in the European Commission, mindful of your role in all of these issues, should be a bonus.

SOUNDBITE (Original) Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union, And if you look on me as that bonus and approve my candidature, it will be a huge honour. And you might be seeing more of me than you want to, but I certainly will not lose touch. Thank you so much. It's been an absolute privilege and an honour to be with you for these three hours. And time does fly when you're enjoying yourself. Thank you.

SOUNDBITE (Original) Irene TINAGLI (S&amp;D,IT), ECON ChairThank you. Thank you very, very much. It was indeed interesting three hours. And we even managed to finish five minutes in advance, so we were also good with timing. So thank you so much to the MEPs that participated to the hearings, both the ones who were here and the ones connected. Thank you. The session is closed.