John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

We are now dealing with the scrutiny of the Central Bank (Variable Rate Mortgages) Bill 2016, which is Private Members' business. I welcome the Minister for Finance, Deputy Michael Noonan, Mr. John Fitzpatrick, Ms Emma Cunningham and Mr. Leonard Wall. In accordance with Standing Order 141(2), the select committee is scrutinising the provisions of this Private Members' Bill, in the name of Deputy Michael McGrath. As members are aware, the European Central Bank has been consulted on it, and we are awaiting the outcome of that consultation. In our first session today, we will hear the views of the Minister for Finance on the proposed legislation. In the second, we will hear from the members of the Fair Mortgage Rates Campaign, which has been campaigning on the issue. It is also planned for the coming weeks to engage with the Central Bank of Ireland on this Bill.

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 House or an official either by name or in such a way as to make him or her identifiable.

As Deputy Michael McGrath is the sponsor of the Bill, I invite him to make an opening statement to the committee, following which the Minister will be invited to respond. Members will then be invited to participate in the debate.