Neale Richmond (Fine Gael) | Oireachtas source

Apologies have been received from Senators Marshall and Ned O'Sullivan. A number of committee meetings are taking place in parallel. If people are coming and going from this meeting, our guests should not take it personally. Unfortunately, that is the nature of this business.

I remind members to ensure their mobile phones are switched off. This is important as their use causes serious problems for broadcasting, editorial and sound staff. We are keen to make sure the transcripts from these meetings are wholly accurate.

Our first session today will deal with the implications for the Irish economy of the withdrawal of the United Kingdom from the European Union. I am delighted to welcome from the Central Bank of Ireland Dr. Mark Cassidy, director of economics and statistics, Ms Gina Fitgerald, head of the financial risks and governance division, and their colleagues.

The Seanad special committee engaged with the Central Bank two years ago when we drafted our initial report. All things being equal, the committee would have disbanded some time ago. However, that has not come to pass. Despite the fact that Brexit has not happened yet, there is much we still have to discuss and much has occurred which has impacted on the economy, the banking system and much else. Earlier this week, the International Monetary Fund, IMF, described Ireland as being uniquely vulnerable to a no-deal Brexit, so we are particularly interested in hearing the Central Bank’s analysis.

Before we begin, I remind everyone of the rules on privilege. 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. By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in 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 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, persons or entity by name or in such a way as to make him, her or it identifiable.

With all that covered, I ask Mr. Cassidy to make his opening statement.