Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

We now move on to No. 6 on today's agenda, which is an overview of the financial sector, Allied Irish Banks. I welcome Mr. David Duffy, chief executive officer with Allied Irish Banks. Mr. Duffy is accompanied by Mr. Bernard Byrne, director of personal and banking business, Mr. Myles O'Grady, acting chief financial officer, and Mr. Brendan O'Connor, head of financial solutions group. The format of the meeting will be that Mr. Duffy will make some opening remarks which we will follow with a question and answer session. I remind members, witnesses and those in the public Gallery that all mobile phones must be switched off as even on silent mode they interfere with television broadcasting. I ask that they be put either on airplane mode because we might take off this afternoon or on silent mode.

I wish to advise the witnesses that by virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to this committee. If they are directed by the committee to cease giving evidence on a particular matter and they continue to do so, they will be entitled thereafter only to a 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 a person, persons or entity by name or in such a way as to make him, her or it identifiable. Members are reminded of the long-standing ruling of the Chair to the effect that they should not comment on, criticise or make charges against a person outside the Houses or an official by name or in such a way as to make him or her identifiable.

When Mr. Duffy has concluded his opening statement we will allow 15 minutes per designated speaker for the first round of questions, ten minutes for the next round of questions and five minutes for the round of questions after that. Some groups may wish to divide their times in those allotments.

I welcome Mr. Duffy and his colleagues. The last time they were before the committee was eight or nine months ago. At that time it was apparent that the banks did not have specific targets with regard to how they would resolve their distressed mortgage book. Since then the targets have been set out, with a target figure of 20% by the end of June and 50% by year's end. The Members and I would be very grateful if Mr. Duffy could be cognisant in his presentation as to the way those figures reflect AIB's meeting of that target and how they break down. I thank Mr. Duffy for coming before the committee.