Simon Coveney has tweeted his congratulations to Mairead McGuinness who has been named as EU Commissioner and Phil Hogan’s replacement.
Ms McGuinness was one of two names put forward by the Irish Government to President of the EC Ursula von der Leyen.
Andrew McDowell was the other name put forward, despite Minister Coveney being hotly tipped for the nomination.
The Cork South Central TD and Minister for Foreign Affairs and Defence tweeted to congratulate Ms McGuinness “on becoming the new EU Commissioner with responsibility for Financial Services.
“She’ll do a great job,” he added.
In a statement this morning, Ms von der Leyen outlined the interview process and her desision: "Yesterday I interviewed the candidates put forward by the Irish government for the post of Commissioner, Ms Mairead McGuinness and Mr Andrew McDowell.
"Both candidates showed great commitment to the European Union and to the job of Commissioner – excellent candidates. They also both clearly have significant experience of EU matters, of course from different perspectives.
"Following these interviews, I have decided to propose to the Council and the European Parliament the appointment of Ms McGuinness to the post of Commissioner. She will be in charge of financial services, financial stability and the Capital Markets Union. Executive Vice-President Valdis Dombrovskis will assume responsibility for the trade portfolio, and he will remain the Commission's representative on the Eurogroup, alongside with Commissioner Gentiloni.
"Ms McGuinness has significant political experience on EU issues, having been an MEP since 2004 and currently holding the post of first Vice-President of the European Parliament. This experience is crucial in carrying forward the EU's financial sector policy agenda and ensuring it supports and strengthens the Commission's key priorities, notably the twin green and digital transition.
"I would like to express my thanks to Mr McDowell for his application and wish him well in his future endeavours."
Ms McGuinness has been appointed in a financial portfolio, with Ireland losing the trade portfolio Phil Hogan held.
Mr Hogan resigned in recent weeks following his attendance at the Oireachtas Golf Society dinner in Clifden and the emergence of further information of his movements around Ireland when he should have been restricting his movements after returning from Brussels.
The Taoiseach Micheál Martin has welcomed the selection of Mairead McGuinness as European Commissioner designate.
He also welcomed the proposed assignment of responsibility for Financial Services to Ms McGuinness.
The Taoiseach spoke with Commission President Ursula von der Leyen this morning, ahead of the announcement.
Commenting afterwards, he said: “The Government put forward two candidates of the highest calibre for consideration to be the next European Commissioner from Ireland.
“Mairead McGuinness has represented Ireland in the European Parliament with distinction for sixteen years, and I am confident that she will now be an excellent Commissioner, working for the whole of the European Union.
“I congratulate her wholeheartedly on her selection.
“The Financial Services portfolio is a hugely significant one and I am very pleased that this post has been secured for the Commissioner designate.
“I would also like to thank Andrew McDowell for putting his name forward for consideration, and wish him the very best for the future.”