John Lahart (Dublin South West, Fianna Fail)
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As we have a quorum we will commence the meeting.

Apologies have been received from Deputies Seán Barrett, Josepha Madigan, Lisa Chambers and Michael McGrath. The committee has been informed the Minister will have to leave by 11.30 a.m. due to other commitments. As such, I propose we deal with the business of the committee at the end of the meeting. Is that agreed? Agreed.

The role of the committee is to provide improved public scrutiny of the budget process. It is to be achieved by examining budget options before the event and by carrying out post-budget scrutiny to assess its impact. The summer economic statement is intended to be an important part of the reformed budget process by facilitating a discussion of options before the October budget. This meeting is the first step in the committee's ex antescrutiny of the 2018 budget. In that context, I welcome the Minister for Finance and Public Expenditure and Reform and his officials, Mr. Ian Power, Mr. Brendan O'Leary and Mr. Stephen McDonagh.

Before we begin, I remind members and witnesses to turn off their mobile phones as the interference from the phones affects the sound quality and transmission of the meeting. I invite the Minister to make his opening statement. Given the limited time available, I would be grateful if he could confine the opening statement to around five minutes.