Richard O'Donoghue (Limerick County, Independent Ireland Party)
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I ask everyone to please put their mobile phones and other devices on silent.

I wish to explain some limitations to parliamentary privilege and the practices of the Houses as regards 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 that they have an absolute defence against any defamation action for anything they say at this meeting. However, they are expected not to abuse this privilege, and it is my duty as Chair to ensure that this privilege is not abused. Therefore, if their 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.

I remind members of the constitutional requirement that in order to participate in a public meeting they must be physically present within the confines of the Leinster House complex. Members of the committee attending remotely must do so from within the precincts of Leinster House. This is due to the constitutional requirement that in order to participate in a public meeting, members must be physically present within the confines of the place where the Parliament has chosen to sit. In this regard, I ask any member participating via Teams that prior to making their contribution to the meeting they confirm that they are on the grounds of the Leinster House campus.

Members are 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 relation to an identifiable person or entity, I will direct them to discontinue their remarks. It is imperative that they comply with any such direction.

As regards this afternoon's engagement, we will discuss with the Central Bank its recent June quarterly bulletin as well as its latest economic advice to the Government, as outlined in the Government's pre-budget letter, published last week, and other important current topics, including the Exchequer position, interest and developments, the impact or potential impacts of tariffs and energy costs.

I welcome Mr. Vasileios Madouros, deputy governor, monetary and financial stability; Dr. Martin O'Brien, head of division, Irish economic analysis; and Dr. Thomas Conefrey, head of function, Irish economic analysis. The committee welcomes the opportunity to engage with the Central Bank, and I thank the witnesses for being here. I invite them to make their opening statement.