John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

We are joined at today's public hearings by Dr. Gabriel Fagan, who is the chief economist of the Central Bank of Ireland. He is accompanied by Mr. John Flynn and Mr. Terry Quinn of the Central Bank's economic analysis division. They are very welcome. Dr. Fagan will deal with the macroeconomic outlook for Ireland, including potential risks to growth, which is an issue that we have been discussing.

Before we begin, I ask members and witnesses to turn off their mobile telephones because they interfere with the sound quality of the recording of proceedings of the committee. I want to advise the witnesses that they are protected by absolute privilege in respect of the evidence they are to give to this committee. If they are directed by the Chair to cease giving evidence on a particular matter and they continue to do so, they are entitled thereafter only to a 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. They are asked to respect the parliamentary practice that, where possible, they should not criticise or make charges against a Member of either House, a person outside the House or an officials by name or in such a way as to make him or her identifiable. I ask Dr. Fagan to make his opening statement. I apologise for the brief delay earlier.