Gerald Nash (Louth, Labour)
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I welcome the witnesses from the Central Bank, Dr. Robert Kelly and Dr. Martin O'Brien. The Committee on Budgetary Oversight is undertaking ex ante scrutiny of the SPU in order to understand the current fiscal context, to engage with stakeholders on these issues and to allow for greater parliamentary engagement and transparency to the budgetary process. Today, as I said, the committee is meeting representatives from the Central Bank and this is the committee's second engagement on this topic. Dr. Kelly and Dr. O'Brien are very welcome indeed.

Before we start, I must explain some limitations to parliamentary privilege and the practices of the Houses with regard to 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 again reminded of the long-standing parliamentary practice that they should not criticise or make charges 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 and it is imperative that they comply with any such direction.

I remind members 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. I remind members of the constitutional requirement that they must be physically present within the confines of the place where the Parliament has chosen to sit, namely, Leinster House, in order to participate in public meetings. I will not permit a member 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 Dr. Kelly to give his opening statement.