Aideen Hayden (Labour) | Oireachtas source

On 18 February, the European Commission published a Green Paper entitled Building a Capital Markets Union. The blueprint for such a union is a key priority of the Juncker Commission and is one of the most significant policy developments in the area of financial services. The creation of a single market for capital is intended to remove obstacles that currently inhibit and obstruct the free movement of capital. By eliminating these barriers, it is hoped cross-border EU investment will expand. This could have an effect on jobs and growth, as capital which may be currently frozen is unlocked and distributed to the most productive parts of the economy.

The capital markets union, CMU, is also designed to increase the availability and choice of funding to the SME sector. Difficulties in the banking sector and the requirement to repair balance sheets are considered to have adversely affected lending to SMEs. A transition to markets-based finance would provide an alternative source of finance for start-ups and innovative enterprises. The objective of CMU is to link investors and savers with viable and employment generating businesses, in the process making the investment chain more efficient.

The joint committee over the course of today's hearings will gain an insight into the key issues outlined in the Green Paper. The committee is interested in learning about the different aspects of the initiative, and from a diverse range of stakeholders. The committee intends to make a submission to the Commission and this session offers an opportunity to inform that. More important, the hearing allows for a constructive debate on both the key issues outlined in the Green Paper and the broader concept of capital markets integration.

I thank all the witnesses sincerely for making themselves available at short notice. Committee rooms and slots are at a premium and, therefore, we had to seize the opportunity when one became available to allow us to prepare a submission on this topic before the middle of May. There will be four sessions this afternoon of a maximum of one hour each. I welcome to the first session Mr. Mark O'Mahoney, director of policy, Chambers Ireland, and Ms Regina Breheny, director general, Irish Venture Capital Association. Both will make opening remarks of approximately five minutes each, although I will not be strict about that. A question and answer session will follow to clarify matters that may arise. I remind members, witnesses and those in the Public Gallery that all mobile phones must be switched off.

I 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 this committee. If they are directed by the committee 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 are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise or make charges against any person or 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 or persons outside the Houses or an official by name or in such a way as to make him or her identifiable.

I invite Mr. O'Mahoney to make his presentation.