Colm Brophy (Dublin South West, Fine Gael) | Oireachtas source

Before we begin, can I, as always, remind members and witnesses to turn off their mobile phones because interference from mobile phones affects sound quality and transmission during the meeting?

I welcome representatives from the Irish Fiscal Advisory Council, IFAC, to this meeting. The committee is joined by: Mr. Seamus Coffey, the chairperson; Mr. Eddie Casey, chief economist; and Mr. Niall Conroy, secretariat economist. I thank them and their colleagues for joining us today.

As I mentioned earlier, we are trying to work this to a conclusion for 3.30 p.m. The committee is today receiving its pre-budget briefing from IFAC. I was reminded that it is almost ten years to the day since the start of the global financial crisis which contributed to the establishment of IFAC and this committee. IFAC has had an extremely important role to play in assessing the Government's budget plans and the committee values its continued advice and assistance.

Before I ask Mr. Coffey to make his opening statement, there is a little bit of housekeeping which always has to be done. I advise our guests 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. However, 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 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 and 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 entity by name or in such a way as to make him or her identifiable.

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

With that bit of housekeeping over, I ask Mr. Coffey if he is ready. The committee has the opening statement so if Mr. Coffey would give a brief summary of it and enable the committee members to go into questions with him, if he finds that convenient.