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

I remind members and witnesses to turn off their mobile telephones because they can affect the sound quality and the transmission of the meeting. I welcome Dr. Mark Cassidy, who is the Central Bank's director of economics and statistics. He is accompanied by Mr. John Flynn, who is the Central Bank's head of Irish economic analysis; and by Dr. Thomas Conefrey, who is also involved in Irish economic analysis. I thank them for making themselves available to the Committee on Budgetary Oversight today. The committee is charged with monitoring the macroeconomic forecasts and developments that affect the Irish economy. We are meeting representatives of the Central Bank today to consider its first quarterly report.

I would like to go through the privilege statement. I wish to advise the 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 the committee. However, if they are directed by the committee to cease giving evidence in relation to 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. 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 by name or in such a way as to make him or her identifiable.

With that important and necessary privilege statement over, I call Dr. Cassidy to make his opening statement. We will then take questions from members.