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

We will resume in public session. The Joint Committee of Inquiry into the Banking Crisis in now in public session for session 3, which is a public hearing with Professor Patrick Honohan to clarify oral evidence previously given to the committee.

I welcome Professor Honohan, Governor of the Central Bank, to this session. Following his appearance before the committee on 15 January to discuss the Honohan report, he subsequently wrote to the committee on 13 February to provide some additional information and clarifying some of his evidence. In the circumstances, the committee felt it appropriate to invite Professor Honohan back to discuss the issues raised in his correspondence. This letter is available on the banking inquiry website.

Before he begins, I wish to advise him 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. If he is directed by the Chairman to cease giving evidence on a particular matter and he continues to so do, he is entitled thereafter only to qualified privilege in respect of his evidence. He is directed that only evidence connected with the subject matter of these proceedings is to be given. As informed previously, the committee is asking witnesses to refrain from discussing named individuals in this phase of the inquiry.

Members are reminded of the long-standing ruling of the Chair to the effect that they should not comment on, criticise or make charges against a person outside the Houses or an official by name or in such a way as to make him or her identifiable. Today's proceedings are specifically in regard to the Governor's correspondence to the committee. Other matters in regard to this inquiry that may be relevant to him will be dealt with at later stages. I invite Professor Honohan to make his opening remarks.