Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

No. 7 on today's agenda is a review of the collapse of Setanta Insurance and matters in relation to the insurance compensation fund. We are joined by representatives of the Central Bank of Ireland and officials from the Department of Finance. In commencing proceedings, I welcome Mr. Bernard Sheridan, director of consumer protection, Mr. Colm Kincaid, head of consumer protection, and Mr. Mick Stewart, deputy head of consumer protection, from the Central Bank of Ireland; and Mr. Pat Casey, principal officer, financial services division, Ms Bríd Kemple, assistant principal officer, financial services division, and Mr. Antoine MacDonncha, head of legal unit, from the Department of Finance. The format of the meeting will be that Mr. Sheridan will make his opening remarks followed by Mr. Casey. It should be noted that while the Central of Bank has been asked to address a range of matters relating to the collapse of Setanta Insurance, the Department of Finance will address matters specifically relating to the involvement of the insurance compensation fund, ICF. A question and answer session with members will then ensue.
I remind members, witnesses and those in the Public Gallery that all mobile phones must be switched off to ensure they do not cause interference with the broadcasting of the questions and answer session later.
To move on the formalities regarding witnesses appearing before Oireachtas committees, I advise the witnesses 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 the committee to cease giving evidence on a particular matter and they 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 they are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise nor make charges against any person, persons 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.
I invite Mr. Sheridan to make his opening statement to be followed by Mr. Casey.