Colm Brophy (Dublin South West, Fine Gael)
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Before we begin, I remind members and witnesses to turn off their mobile phones. Interference from mobile phones affects the sound quality and transmission of the meeting. I welcome the Minister for Finance and Minister for Public Expenditure and Reform, Deputy Paschal Donohoe. He is accompanied by Mr. John Palmer, principal officer of the economic division; and Mr. Eoin Dorgan, principal officer of the banking division. Seated behind them are Ms Ruth Sutton and Mr. Anthony Maloney.

I thank the Minister for attending the meeting, the purpose of which is to consider the Department of Finance proposals to establish a rainy day fund as set out in the consultation paper published as part of budget 2018. The Parliamentary Budget Office and the Irish Fiscal Advisory Council, IFAC, have both published research notes on the rainy day fund. We have highlighted a number of issues and queries regarding the potential design and establishment of the fund. It is important for the committee to carry out ex antescrutiny of the proposal. This type of committee work can contribute to improving the budgetary scrutiny over time. I acknowledge the work of the Minister and his officials in assisting the committee in this process.

I will give the usual privilege announcement before we hear from the Minister. Witnesses are protected by absolute privilege in respect of the evidence they give to the committee. However, if they are directed by the committee to cease giving evidence in relation to a particular matter and they continue to so do, they are entitled thereafter only to a qualified privilege in respect of your 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 persons or entity by name or in such a way as to make him, her or it identifiable. Members are reminded of a long-standing parliamentary practice to the effect that Members should not comment on, criticise or make charges against a person outside the House, or any official by name in such a way as to make him or her identifiable.

I invite the Minister to make his opening statement.