Dara Murphy (Cork North Central, Fine Gael)
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I welcome the Irish Fiscal Advisory Council members to our meeting, Professor John McHale, chairman, and Professor Alan Barrett, Mr. Sebastian Barnes, Dr. Donal Donovan and Dr. Róisín O'Sullivan, council members. I also welcome Mr. Diarmaid Smyth, chief economist, Mr. John Howlin and Ms Rachel Joyce. We will begin with opening remarks by Professor McHale and committee members will then address questions to him. We will try to keep questions as concise as possible so as to allow as many questions as possible. I remind witnesses, members and those in the public Gallery to turn off their mobile phones.

I advise witnesses 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 it to cease giving evidence on a particular matter and continue to so do, 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 a person or an 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 by name or in such a way as to make him or her identifiable.

I now invite Professor McHale to make his opening remarks.