John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

The committee is now in public session. I remind members and witnesses to turn off their mobile phones as they interfere with the sound quality of the transmission of the proceedings.

I draw the attention of members and witnesses to the fact that 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 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 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. 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.

The Minister for Finance, Deputy Noonan, is very welcome to the meeting and I invite him to make his opening statement.