Colm Brophy (Dublin South West, Fine Gael)
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I remind members and witnesses to turn off their mobile phones as they may interfere with the quality of the sound transmission of the meeting. I welcome Mr. Seamus Coffey, chairperson of the Irish Fiscal Advisory Council, IFAC, and thank him for attending today's session. He is accompanied by council members, Mr. Sebastian Barnes, Mr. Michael Tutty and Professor Michael McMahon. Mr. Eddie Casey is also present. A number of Mr. Coffey's colleagues are seated behind him. They are Mr. Niall Conroy, Mr. Killian Carroll and Ms Friederike Vogler. We thank all the witnesses for their presence. Twice a year we have an opportunity as part of the EU semester to meet IFAC to consider issues raised in the fiscal assessment report. The report was published this morning and it raises a number of issues directly relating to our committee's work in terms of our budgetary scrutiny role. We look forward to hearing what Mr. Coffey has to say.

Before we commence, in accordance with procedure I am required to draw the attention of attendees to the fact 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 any person or 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, either by name or in such a way as to make him or her identifiable. With that piece of housekeeping out of the way, I now invite Mr. Coffey to make his opening statement.