Ireland's Center-Right Parties Move Closer to Coalition Deal with Independent TDs

Investing.com -- Ireland's two major center-right parties, Fine Gael and Fianna Fail, have taken a significant step towards forming a coalition government with largely conservative independent lawmakers. This development occurred on Wednesday when the parties helped elect an independent lawmaker as the speaker of the lower house of parliament.

In the elections held on November 29, the Fine Gael party, led by Prime Minister Simon Harris, and the Fianna Fail party, led by Deputy Prime Minister Micheal Martin, fell just two seats short of the 88 needed to form a government. The parties are now seeking the support of independent lawmakers or one of two small center-left parties (the Labour Party or the Social Democrats) to secure a comfortable governing majority.

While talks with center-left parties are ongoing, most observers believe there is a higher likelihood of striking an agreement with independent lawmakers. This speculation was bolstered by Fine Gael and Fianna Fail members' support for Verona Murphy, an independent member from the Regional Independent Group, being elected as the speaker of the lower house. The speakership is one of the highest-paid political positions in the country.

Before the vote, Prime Minister Harris encouraged party members to support Murphy to aid the overall government formation, according to a statement released by Fine Gael. The state broadcaster RTE reported that this appointment lays the groundwork for a potential new government composed of Fianna Fail, Fine Gael, and the Regional Independent Group.

Both Fine Gael and Fianna Fail expressed hopes of reaching an agreement on a new coalition government in early next year.