No. 3 is an interesting item, namely, the European Commission White Paper on the integration of EU mortgage credit markets. This is a topical issue and will remain topical for some time. A copy of the White Paper is before the committee. The White Paper presents a package of measures to improve the efficiency and competitiveness of the EU residential mortgage markets. Its objectives are as follows: facilitate the cross-border supply and funding of mortgage credit; increase product diversity; improve consumer confidence; and facilitate customer mobility. The White Paper has resulted from the Commission's detailed review of the Single Market. It is proposed that the joint committee consider the White Paper further with a view to offering its views to the Commission and the Minister. In order to assist this consideration it is proposed that the joint committee invite a representative of the European Commission to brief the committee in detail on the content of the White Paper and to answer any specific questions. It is also proposed that the committee write to key stakeholders inviting them to forward their assessment of the White Paper.

Before I go on, members may wish to comment. In the times in which we live if we are not interested in this issue we are seriously remiss. I do not propose to have a long debate on the matter today. We will seek submissions from the stakeholders and will produce a report for the Minister and the Commission reflecting the concerns and the combined wisdom of the membership arising from experiences over the years.

We very appropriately spent two hours discussing the impact of the EU on a particular sector of our society. This proposal could have a considerably greater impact on the day-to-day life of our country than the Lisbon treaty will have. One of the proposals is for the appropriate regulatory authority to appear before the committee to give its views on the proposal. We should allocate most of a meeting to getting that information from it. If we have learned anything from recent issues involving Northern Rock and Société Générale in France it is that the regulatory environment in which banks operate is clearly not working. Before us is a proposal that would allow those banks to operate across more countries and begin to compete for the mortgages of people outside the country in which they operate. It is a major proposal and our investing time in discussing it will be time well spent.

When they compete I am sure they will not compete for the less than lucrative sector.

It is a very serious issue. It is a frightening scenario, whereby trust has broken down in very big institutions. That one of the biggest derivative banks in the world, Société Générale, put the world markets into a spin and probably forced the Federal Reserve to reduce interest rates in the US shows the impact it can have on a global basis. It is a matter the European Union needs to address and the committee should receive a presentation on the matter.

I agree with what has been said. How financial institutions operate is the biggest and most live issue at present. We saw what happened in the sub-prime market when households found themselves unable to meet mortgage repayments. The entire financial services sector is in something of a crisis at present. It is interesting that we have a White Paper on the integration of EU mortgage credit markets. It requires a lot of teasing out. As well as having a presentation from the EU Commissioner, we need to bring in the relevant Irish regulatory authorities. This will take time but it is an important issue and I am not sure what our timescale is. However, we need to look at the domestic scene as well as the broader scene.

There is no specific deadline at the moment, but we should get our retaliation in first. Is it agreed that we proceed as indicated? Agreed.

The next item is the minutes of the meeting of 22 January. The documents have been circulated. Are the minutes agreed? Agreed. The next item deals with correspondence received since the last meeting, which has been circulated. There is an invitation to the 2008 conference of the society of the western Balkans in Ljubliana between 3 and 5 March. The conference organiser is the WEU Assembly at the invitation of the Slovenian National Assembly. Does the committee wish to be represented at this conference? I do not hear any takers. I think that we should be represented and we will try to do so. The secretariat might make contact with the various people in an effort to do so.

I agree with the Chairman that we should be represented. There is undoubtedly going to be some drastic activity in the Balkans. Kosovan independence is near. The Serbian delegation appeared before the committee before Christmas. Maybe we should invite a Kosovan delegation prior to independence to get its views on the issue. The situation in Kosovo is the nub of the Balkan issue. I propose that we attend the meeting and call a Kosovan delegation to appear before this committee.

Is that agreed? Agreed. The next item is an invitation to the seventh Munich economic summit, which will be held in Munich on 5 and 6 June 2008. It is proposed to note this. Is that agreed? Agreed.

The next item is a letter from Deputy Michael Mulcahy enclosing a copy of the invitation to the Wilton Park Conference on Turkey's accession to the EU, which is to be held in Istanbul on 31 March to 3 April 2008. Does the committee wish to be represented at this conference?

People may or may not know about the Wilton Park Conference. It is a semi-governmental conference organisation based in the south of England. It holds seminars on very interesting international topics. There are ten to 20 seminars every year on every aspect of Europe. These are genuine conferences. If we wanted a really in-depth briefing on a topic, this group will cover things like security, the arms business, future accession countries and so on. The whole Turkish question is extraordinarily important. I suggest that the committee make this available for any committee member who wishes to go to it, as opposed to agreeing to go as a committee. The organisation circulates a list of all of its conferences at the beginning of the year, and members of the last committee went to several of them and found them very beneficial.

I am familiar with the format as I have been to a number of the conferences. It is a useful conference and, if possible, we should be represented there. It will be a very difficult time to get members to attend, but we should have a representation because that issue will arise. It will also arise in the context of the debate on the treaty itself.

Is it agreed in principle?

It is agreed that we will try to be represented by a delegation. We will come back to the Deputy on it.

Two conferences have been mentioned. Do we approach officials? Where are those decisions made?

The convenors will discuss it with the secretariat.

I am not sure that I--

Anybody who wishes can make contact with the secretariat.

I presume we will get a circular telling us it is on, and if we wish to indicate--

We will get that in ample time.

Excellent.

No. 51 concerns an invitation to the keynote address entitled, "Is Russia a Strategic Partner for the EU?", to be delivered by Sir Roderic Lyne, former UK ambassador to Russia, at the Institute of European Affairs on 30 January at 12.45 p.m. That does not give us much time. It is an issue on which we should be represented. If we cannot be represented, our consultant might represent us as he is attending. Perhaps somebody from the secretariat might be able to attend also. While I have a difficulty attending as it is short notice and I have competing engagements, it is an issue we should consider.

On No. 52--

Where is that meeting to be held?

At the Institute of European Affairs on North Great George's Street.

Tomorrow?

It is a difficult time.

It is a difficult time as the Dáil resumes but it is one of the most important questions the Union will face.

I agree.

The European neighbourhood policy and the situation around the margins is critical for the future.

I will attend.

Thank you, Senator. No. 52 is an invitation from Dóchas to an NGO forum hosted for the purpose of exploring the effectiveness and impact of EU aid. This event will take place on Monday, 4 February in Cassidy's Hotel, Upper O'Connell Street, from 1.30 p.m. to 5.30 p.m. It is proposed to note this. If possible, I would like some member to attend.

I will try to attend.

Thank you. No. 53 is an e-mail from the embassy of the Netherlands, following on from the embassy's earlier request for a meeting between the joint committee and the European affairs committee of the Netherlands Parliament. The delegation from the Netherlands Parliament will now visit Dublin on Thursday, 7 February and it has been suggested that an informal meeting would take place that afternoon. I suggest that the secretariat will liaise with members in this regard. It may be difficult as it is on a Thursday and there is very little time to arrange anything. Perhaps we could have a lunch meeting, working breakfast or dinner. Is it agreed that we proceed on that basis? Agreed.

If there is no other business, we will adjourn.