John McGuinness (Carlow-Kilkenny, Fianna Fail)
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We are now dealing with the scrutiny of the Central Bank (Variable Rate Mortgages) Bill 2016. I welcome Mr. Ed Sibley, director of credit institutions supervision, Mr. Bernard Sheridan, director of consumer protection and Mr. Mark Cassidy, head of the financial stability division from the Central Bank of Ireland.

In accordance with Standing Order 141(2), the committee will continue its scrutiny of the provisions of the Central Bank (Variable Rate Mortgages) Bill 2016. It is a Private Members' Bill in the name of Deputy Michael McGrath. As members are aware, the European Central Bank, ECB, has issued an opinion of the Bill that has been circulated to members. We have considered its opinion, as well as other aspects of the Bill with the assistance of the Central Bank.

Before we begin I ask everyone to turn off their mobile phones or keep them out of reach of the microphones.

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 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 any 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 House or an official either by name or in such a way as to make him or her identifiable.

Apologies have been received from Deputy Sean Sherlock.

I invite Mr. Sibley to make his opening statement.