John Paul Phelan (Carlow-Kilkenny, Fine Gael)
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It is whether the finance committee or this committee will deal with Committee Stage of the finance Bill. That decision has not yet been made by the Business Committee but we need that decision to be made soon. Before they leave this week, I would encourage members to forward their observation on the work programme to the secretariat as soon as possible and we can then discuss them. As there are no other members offering, we will call the witnesses.

I welcome from the Department of Finance Mr. John McCarthy, who is accompanied by colleagues from the macroeconomic forecasting team, including Mr. Feargal Ó Brolcháin, Ms Laura Weymes, Dr. Javier Papa and Mr. Ian Power. They will be dealing with the short-term economic outlook in advance of the budget. Today's meeting will consist of an opening statement from Mr. McCarthy followed by a PowerPoint presentation. Members will then have an opportunity to engage in questioning the witnesses.

I draw witnesses' attention to the fact they are protected by absolute privilege in respect of their evidence to the committee. However, if they are directed 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 are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise or make charges against any person or an entity by name or in such a way as to make him or 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 either inside or outside the Houses or an official either by name or in such a way as to make him or her identifiable.

I invite Mr. McCarthy to make his opening statement.