Dublin West TD Jack Chambers has been named as the new Minister for Finance after Michael McGrath was nominated by the Government as Ireland's next European Commissioner.

The news comes shortly after Chambers was appointed as Deputy leader of Fianna Fáil last week by Tánaiste Micheál Martin.

He's the party's first deputy leader since 2020.

Chambers was first elected to the Dáil in 2016 and was most served as a Minister of State at the Department of Transport.

The 33-year-old served as government chief whip from 2020 to 2022.

Current finance Minister Michael McGrath was announced as the Government’s nominee for the European Commission today.

He is viewed as having a strong chance of landing a job in the top tier of economic commissioner roles having met regularly with EU Commissioners and the ECB President.

Mr McGrath is also a governor on a range of international bodies on behalf of Ireland including the International Monetary Fund, the World Bank and the European Investment Bank.

Speaking at a press conference today, Mr McGrath said he was leaving the Department of Finance at a time when the Irish economy was in good health.

He congratulated Mr Chambers on being appointed as his successor at the Department of Finance.

The Tánaiste described the incoming Minister as a "very able, intelligent, highly effective politician".

Mr Martin added: "No doubt that he will make a very effective minister for finance and will work with the cabinet, Minister Donohoe in particular in the context of the forthcoming budget, and work collectively with all of our ministers to drive the next phase of this Government forward."