McCreevy rules out return to Irish politics

Former minister for finance Charlie McCreevy has ruled out a return to Irish politics once his tenure as European commissioner ends this year.

The politicial future of Mr McCreevy, who was appointed internal markets commissioner in 2004, has been the source of much speculation.

Mr McCreevy told Kildare FM today he would not reenter the political arena when his term ends in June.

“I made it quite clear that when I was going to Europe in 2004 that I was going to do it for five years and that was going to be my last stint in elected politics and that remains my position,” he said.

Mr McCreevy said he has been involved in politics since he unsuccessfully contested local elections in 1974. He was first elected to the Dáil in 1977 to represent Fianna Fáil in Co Kildare.

Mr McCreevy was at the centre of controversy last month when three prominent Socialist MEPs accused him of bypassing demands for stricter regulations governing hedge funds and private equities.

In a letter to European Commission president José Manuel Barroso, the MEPs said they had lost all confidence in Mr McCreevy as commissioner and alleged he was deliberately ignoring European Parliament calls for increased financial regulation.

They said Mr McCreevy’s actions "demonstrated a total absence of respect for the European Parliament, and appear to be more appropriate for a paid lobbyist of the finance industry than a European commissioner".

A spokeswoman for Mr Barroso said he had full confidence in Mr McCreevy.