Barry Cowen (Laois-Offaly, Fianna Fail) | Oireachtas source

The purpose of today's meeting is to resume our discussion on sovereign wealth funds and to discuss the publication, Future-proofing the Public Finances – the Next Steps.

We are joined by Mr. Matthew McGann, Mr. Pat Leahy and Mr. Colm Roche. I offer sincere apologies for the delay in admitting them to the meeting and thank them for their patience. I hope we have not disrupted their evening too much.

Before I begin, I wish to explain, as is the norm, some limitations to parliamentary privilege and the practice of the Houses regarding references witnesses may make to other persons in their evidence. Witnesses are protected by absolute privilege in respect of the presentation they make to the committee. This means they have an absolute defence against any defamation action for anything they say at the meeting. However, they are expected not to abuse this privilege. It is my duty as Chair to ensure this privilege is not abused. Therefore, if witnesses' statements are potentially defamatory in relation to an identifiable person or entity, they will be directed to discontinue their remarks. It is imperative that they comply with any such direction.

Regarding privilege for members, 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 any official, either by name or in such a way as to make him, her or it identifiable. I remind members of the constitutional requirement that they must be physically present within the confines of Leinster House in order to participate in public meetings. I will not participate members to participate where they are not adhering to this constitutional requirement. Therefore, any member who attempts to participate from outside the precincts will be asked to leave the meeting.

I invite Mr. McGann to give his opening statement.