OUTGOING FINANCE MINISTER Michael McGrath has said he is not ruling out a return to national politics and seeking to become a leader of Fianna Fáil in the future, but that for now his mind is focused on his upcoming commissioner job.

Speaking on RTÉ’s Morning Ireland, McGrath said that his taking up of a new role as a European Commission “doesn’t mean that I won’t be contesting the next election” in five years time.

“I will continue as a TD until the ratification process is concluded and hopefully I’ll be able to take up the position in around four months time,” McGrath said.

He also said he is not ruling out a bid to become the next leader of Fianna Fáil at some point in the future, but said that for now Tánaiste Micheál Martin’s position is “secure”.

“I would never rule that in or out. Because who knows what will happen down the line.

I’m committed to public service and there’s no doubt but having the experience of being a commissioner of the European Union greatly adds to your knowledge to your experience. So I’m not ruling anything in or out.

He also said he was satisfied at Ireland’s finances and economic position following his time as Minister for Finance.

McGrath was announced as Ireland’s nomination for one of the top European jobs on Monday, and his nomination was approved yesterday.

He is set to resign as Minister for Finance and the position will be taken over by Fianna Fáil’s Jack Chambers.

Last week, Chambers was appointed Deputy Leader of Fianna Fáil by Micheál Martin. 

It is likely that McGrath will formally resign the role today, and Chambers will receive his seal from President Michael D Higgins. McGrath will remain as a TD throughout the commissioner ratification process, which should take a number of months.