Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

The first item on the agenda is recording of decisions taken at the Sub-Committee on EU Scrutiny, Finance and Public Expenditure meeting immediately preceding this meeting. The following matters were agreed by the sub-committee. With regard to COM (2012) 206, proposal for a Council Directive amending Directive 2006/112 EC on the Common System of Value Added Tax as regards the treatment of vouchers, it was agreed that this proposal required no further scrutiny.

COM (2012) 336, proposal for a Council Regulation establishing a facility for providing financial assistance for member states whose currency is not the euro, it was proposed that this proposal required no further scrutiny.

COM (2012) 340, Draft Amending Budget No. 4 to the General Budget 2012 - general statement of revenue and statement of expenditure, Section III commission, it was proposed that this proposal required no further scrutiny.

COM (2012) 352, proposal for a regulation of the European Parliament and of the Council on key information documents for investment in products, it was proposed that this proposal required no further scrutiny.

COM (2012) 360, proposal for a directive of the European Parliament and of the Council on insurance mediation, it was agreed that this matter required further scrutiny and that further information would be brought before the committee.

In regard to COM (2012) 388, amended proposal for the Council Regulation laying down the multi-annual financial framework for the years 2014 to 2020, it was proposed that this proposal required no further scrutiny.

The following proposals were noted: COM (2012) 180, proposal for a Council Decision on the position to be taken by the European Union in the EEA joint committee concerning an amendment of Annex XXI statistics and COM (2012) 291, proposal for a Council implementing decision amending an implementation decision 2011/77 EU on the granting of EU financial assistance to Ireland and 2011/344 EU on the granting of EU financial assistance to Portugal.

Is it agreed to publicly record the decisions as made earlier today at the meeting of the Sub-Committee on European Scrutiny, Finance and Public Expenditure? Agreed.

We will now move on to item No. 6 on today's agenda, scrutiny of COM (2011) 819 and COM (2011) 821, which are known as the two pack regulations; COM (2011) 594, dealing with a financial transaction tax and COM (2011) 121/4, the common consolidated corporate tax base. Officials from the Department of Finance are here to assist members in scrutinising the above proposals.

During the first session, we will scrutinise COM (2011) 891 and COM (2011) 821, which are the two pack regulations. In this regard, I welcome Mr. Tony Gallagher and Ms Alice Smith, EU and International Division, Department of Finance. The committee will first hear a short presentation from the officials following which we will have a questions and answers session.

I remind all members to switch off their mobile telephones. I also wish to advise the witnesses that by virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of the evidence they are to give to this committee. If they are directed by it to cease giving evidence on a particular matter and continue to so do, they are entitled thereafter only to qualified privilege in respect of their evidence. They are directed that only evidence connected with the subject matter of these proceedings is to be given and asked to respect the parliamentary practice to the effect that, where possible, they should not criticise or make charges against a person or persons or an entity by name or in such a way as to make him, her or it identifiable. Members are reminded of the long-standing parliamentary practice to the effect that they should not comment on, criticise or make charges against a person outside the Houses or an official by name or in such a way as to make him or her identifiable.

I now invite Mr. Tony Gallagher to make his opening statement.