John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

I remind members, people in the Gallery and the witnesses to turn off their mobile phones.

We will deal with matters relating to the banking sector in Ireland. I welcome Professor Philip Lane, Governor of the Central Bank of Ireland and his colleague, Mr. Ed Sibley, director of credit institutions. The meeting comes after our discussions with the pillar banks where significant issues were discussed and we will take up some of those issues today in the context of our meeting.

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 it 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 are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise or make charges against any person or an entity by name or in such a way as to make him, her or it identifiable. I ask Professor Lane to make his opening statement.