Gerry Horkan (Fianna Fail) | Oireachtas source

Before we proceed, I wish to record in public the decision taken by the joint committee on the scrutiny of EU proposal COM (2016) 856. COM (2016) 856 is a proposal for a regulation framework for the recovery and resolution of central counterparts and the committee agrees that it warrants further scrutiny. Details of committee decisions made in relation to EU proposals are published on the committee's website.

We will now engage in further scrutiny of EU legislative proposals COM (2016) 850, COM (2016) 851, COM (2016) 852, COM (2016) 853 and COM (2016) 854, which are financial sector regulations on risk reduction measures. We will continue our scrutiny of these EU proposals with the assistance of officials from the Department of Finance and the Central Bank of Ireland. I welcome Mr. Oliver Gilvarry, Mr. Timmy Hennessy, and Mr. Eoin Wickham from the Department of Finance, and Mr. Gerry Cross and Mr. Patrick Casey from the Central Bank of Ireland.

I advise witnesses that, by virtue of section 17(2)(l) of the Defamation Act 2009, they 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 they continue to so do, they are entitled thereafter only to qualified privilege in respect of their evidence. Witnesses 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 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.

I invite Mr. Oliver Gilvarry to make his opening statement and he will be followed by Mr. Gerry Cross.