Barry Cowen (Laois-Offaly, Fianna Fail)
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I welcome Mr. Vasileios Madouros, Dr. Martin O'Brien and Dr. Robert Kelly from the Central Bank.

Before we begin, I will explain some limitations to parliamentary privilege and the practice of the Houses as regards references witnesses may make to other persons in their evidence. The evidence of witnesses physically present or who give evidence from within the parliamentary precincts is protected pursuant to both the Constitution and statute by absolute privilege. Witnesses are reminded of the long-standing parliamentary practice to the effect that they should not criticise or make changes against any person or entity by name or in such a way as to make him, her or it identifiable or otherwise engage in speech that might be regarded as damaging to the good name of the person or entity. Therefore, if their statements are potentially defamatory in respect of an identifiable person or entity, they will be directed to discontinue their remarks. It is imperative that they comply with any such direction.

Members are reminded of the long-standing parliamentary practice to the effect that they should not comment on, criticise or make changes against a person outside the Houses or an official either by name or in such a way as to make him or her identifiable.

I remind Members of the constitutional requirement that they must be physically present within the confines of the place where Parliament has chosen to sit. I will not permit a Member to participate where they are not adhering to this requirement. Therefore, any Member who attempts to participate from outside the precincts will be asked to leave the meeting.

I now invite Mr. Madouros to give the Central Bank's opening statement.