Tom Barry (Cork East, Fine Gael) | Oireachtas source

I welcome, from the National Asset Management Agency, NAMA, Mr. Frank Daly, chairperson, Mr. Brendan McDonagh, chief executive officer, Mr. Donal Rooney, chief financial officer, Mr. Michael Moriarty, head of asset recovery, and Ms Mary Birmingham, head of asset management. In our first public session this afternoon I am pleased to have the opportunity before the recess to hear about developments in NAMA, not least its response to the difficulties facing the housing market. I thank the witnesses for their attendance here today. The format of the meeting will be that Mr. Daly and Mr. McDonagh will make some opening remarks, which will be followed by a question and answer session.

I draw the attention of witnesses to the fact 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 a 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 or 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 ruling of the Chair to the effect that they should not comment on, criticise or make charges against a person outside the House or an official either by name or in such a way as to make him or her identifiable.

I invite Mr. Daly to begin.