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

Apologies have been received from Senator Conway-Walsh who has nominated Senator Gavan to substitute for her.

I welcome the president of the European Central Bank, Mr. Mario Draghi. The exchange of views with him represents the joint committee's first engagement with the European Central Bank, ECB, and it is hoped will lead to greater interaction and contribute to a greater understanding of the bank's role in the Irish economy and the wider EU economy. Its central role in managing monetary stability and safeguarding the eurozone from external shocks has never been more essential as Ireland faces the uncertainty of Brexit. This exchange of views will build on a recent meeting between a finance committee delegation and the chairperson of the supervisory board of the Single Supervisory Mechanism, Ms Daniele Nuoy, in Frankfurt at which the issue of banking supervision in Ireland was discussed in depth. This engagement will focus on topics such as interest rates, inflation, Brexit, developments in European Monetary Union, forecasts for Ireland and other eurozone economies and the macroeconomic issues facing the EU nations that use the euro as their common currency.

We have set out the arrangements for the meeting. Each member received an email detailing them. I ask him or her to stick to them in order that we can get through as many questions as possible.

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 joint committee. However, if they are directed by it to cease giving evidence on a particular matter and continue to do so, 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 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, her or it 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.

I invite Mr. Draghi to make his opening statement.