I welcome the Irish Brokers Association to the meeting. The association believes there is an opportunity for the State to harness in part the resources of private pension funds for the benefit of the State while at the same time providing the public with the level of security they need. The association believes that investing just 10% of pension funds into Irish businesses would put €7.2 billion into the Irish economy and give a new angle for the pensions framework being promoted by the Department of Social Protection.
I welcome Mr. Ciaran Phelan, chief executive, Ms Rhona Burke, vice president, Mr. Aidan McLoughlin, chairman, IBA pensions committee, Mr. Gavin Howlin, actuary, Willis, and Mr. Frank Lahiffe, public affairs consultant, Lahiffe & Associates. The format of the meeting will involve a brief presentation by the association followed by a question and answer session.
Members are reminded of the long-standing ruling of the Chair to the effect that members 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. By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of the evidence they are to give this committee. If a witness is directed by the committee to cease giving evidence in relation to a particular matter and the witness continues to so do, the witness is entitled thereafter only to a qualified privilege in respect of his or her evidence. Witnesses are directed that only evidence connected with the subject matter of these proceedings is to be given and witnesses are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise nor make charges against any person or persons or entity by name or in such a way as to make him, her or it identifiable. I invite Mr. Phelan to commence his presentation. We will devote one hour to this matter.