''It is an honour to be chairing the committee at this critical time in Ireland’s relationship with the EU. There is serious work to be done and important decisions to be made in the coming months as we deal with issues such as the EU fiscal compact and the terms of our financial rescue package,” said Hannigan.

“The committee is charged with monitoring the impact of European policies on the lives of our people and I intend to engage in that process in a positive and constructive manner while ensuring that the concerns of the Irish people are heard at a European level,” Deputy Hannigan added.

Deputy Hannigan currently chairs the Implementation of the Good Friday Agreement Committee but is expected to resign from this role.