John McGuinness (Carlow-Kilkenny, Fianna Fail)
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Senator Fintan Warfield is attending in substitution for Senator Rose Conway-Walsh. I remind members and everybody else present to turn off their mobile phones as they interfere with the broadcasting of the proceedings.

We will proceed with our quarterly engagement with Professor Philip Lane, Governor of the Central Bank, on a number of issues we have discussed previously. By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of the evidence they are to give to the committee. If, however, 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.

I invite Professor Lane to make his opening statement.