There are a couple of housekeeping matters to attend to. It is proposed that a delegation from the committee would visit the USA to discuss with the US Treasury and others the issue of volatility of financial markets, sub-prime lending and so on which is relevant to us at this time. Initial contact has been made with the embassy in America. A suggested date for such a visit would be 31 March. I need the committee to take a decision on whether it considers it appropriate for us to go on such a visit and the possible make up of the delegation. I suggest that the delegation would comprise the Chairman, two members from the Government side and two from the Opposition. I further suggest that we leave it to the secretariat to liaise with the ambassador on the schedule of meetings he would consider relevant to this committee on those particular issues.
Business of Joint Committee.
What is the duration of the visit?
We have no information on that issue as yet. I need a decision in principle on the matter, if that is agreed by the committee. Agreed.
What exactly does the Chairman hope to achieve by this visit?
It has been suggested to me by an Opposition spokesperson and other members of the committee that we should possibly visit Washington and New York to discuss the matter with the US Treasury and those it considers relevant to give us an overview from an American perspective. The Senator will recall the Governor of the Central Bank appeared before the committee and there were many questions on whether we would be adversely affected by what is happening in America. Members of the committee have approached me to say we do not have the full story and that we should investigate the possible adverse effects here. This committee would be the appropriate committee to go and establish those facts.
If you do so, I suggest you go with someone who is also looking at it with a critical eye rather than necessarily going to the authorities.
We want to get it from both sides. Perhaps we will meet the establishment and finance houses as well. I will be in a position to give more detailed information to the committee later. Is it agreed to proceed with the visit? Agreed. Unless there are any other issues I will adjourn the committee sine die.
However, I ask that members of the select committee remain behind. The timetable for the proposed meetings for next week has been circulated. I want to get the view of the select committee members as to whether they would wish to have a briefing session with the Department of Finance in advance of Committee Stage of the Finance Bill. If members want that we will try to accommodate them. I shall leave it to members and they can report back to the clerk.
At what time would it be?
Hopefully around 11 o'clock but I will check with the Department.
On Tuesday?
Yes.
I suggest a later time because of Front Bench meetings and so on.
The committee meeting starts at 12 o'clock.
How about 11 o'clock?
Okay.