Liam Twomey (Wexford, Fine Gael) | Oireachtas source

The committee will consider mortgage insurance, MI, in an Irish context. In October, the Minister for Finance wrote to the committee requesting that it look at a possible role for mortgage insurance in the Irish housing market and its impact on various stakeholders. He asked the committee if it would consider the previous experience of mortgage insurance in Ireland, the models adopted and the experience of other jurisdictions. Given the good work the committee has done on mortgage arrears and its concern that Ireland learns from past mistakes, it is appropriate and timely to examine innovations that may lead to greater stability in the banking sector and to greater protections for citizens.
We have invited a number of witnesses to discuss the issue of mortgage insurance. This session will include submissions from some of those involved in the provision of MI while the afternoon session will have a greater focus on consumer issues. The format of the meeting will be a round table discussion. I welcome the witnesses who will make their opening statements in the following order: Mr. Angel Mas, president and chief executive officer, and Mr. Simon Crone, vice president and commercial leader, Genworth Mortgage Insurance Europe; Mr. Joe Leddin, consultant, and Mr. Stephen Rance, JLT Insurance Brokers Limited; and Mr. Michael Bennett, chief actuary and chief risk officer and Mr. Florian Mayer, compliance officer, Arch Mortgage Insurance Ltd. When all the witnesses have made their opening statements, a question and answer session will ensue. Given the time constraints, I would like to ensure we have a constructive discussion. I will, therefore, insist that all opening statements are a maximum of five minutes. Witnesses have been advised by the committee secretariat that I will stop them if they exceed this time limit. I remind members, witnesses and those in the Visitors Gallery gallery that all mobile telephones must be switched off.
I 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 their evidence to the committee. If they directed by it to cease giving evidence on a particular matter and continue to do so, 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 any person, persons or entity by name or in such a way as to make him, her or it identifiable. Members are reminded of the long-standing ruling of the Chair 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 invite Mr. Mas to make his contribution.