Mairead McGuinness will face a hearing in the European Parliament on 12 October as part of the confirmation process for her nomination as European commissioner-designate, RTÉ News understands.

Ms McGuiness has received a mission statement letter from the President of the European Commission Ursula von der Leyen, setting out her role as the incoming Commissioner for Financial Services.

Ireland's EU commissioner-designate will set out her views on her portfolio before the European Parliament's ECON committee. If successful her nomination will be approved by a full plenary of the Parliament the following week.

In her letter to Ms McGuinness, the Commission President said she expected her to visit all member states within the first half of her mandate, to meet regularly with national parliaments and to take part in citizens' dialogues.

Mairead McGuinness named as Ireland's European Commissioner
Mairead McGuinness's road to the Commissioner's office

Ms von der Leyen said in the letter: "I will insist on the highest levels of transparency and ethics for the [Commission] College as a whole.

"There can be no room for doubt about our behaviour or our integrity. The Code of Conduct for Commissioners sets out the standards and the rules to follow. You will ensure budgetary spending represents value for taxpayers and follows the principles of sound financial management."

The mission statement letter highlights the priorities that Ireland's commissioner will face.

These include completion of the EU Banking Union, including finalising the common backstop to the Single Resolution Fund and agreeing on a European Deposit Insurance Scheme.

Ms McGuinness will also be required to "speed up the work on the Capital Markets Union to diversify sources of finance for companies and tackle the barriers to the flow of capital. You should explore ways to make cross-border investments easier, to improve the supervisory system and to better harmonise insolvency and tax proceedings."

She will be expected to push forward work on the EU's green financing strategy supporting the implementation of the European Green Deal, as well as polices on FinTech, and a new private-public fund for SMEs. 

The portfolio will also include developing policies on fighting money laundering and the financing of terrorist activities, as well as forging a common EU approach to cryptocurrencies.