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

We now move on to No. 5 on today's agenda, an overview of the financial sector. I welcome Mr. Richie Boucher, group chief executive of Bank of Ireland. He is accompanied by Mr. Stephen Mason, director, mortgage arrears resolution strategy and Republic of Ireland collections; Mr. Gerry Prizeman, head of small business and agriculture division; and Mr. Pat Farrell, head of group communications and government relations division. The format of the meeting will be that Mr. Boucher will make some opening remarks which will be followed by a question and answer session.

I remind members, delegates and those in the Visitors Gallery that all mobile phones must be switched off. There was much interference at yesterday's meeting. I do not know if it was coming from the members' side, the delegates' side or the Visitors Gallery, but it was creating considerable distortion. If phones are switched on, I will ask either the member or the person in the Visitors Gallery to leave the proceedings because they are interfering with them.

By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to the joint committee. If they are directed by the committee 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. 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 any official by name or in such a way as to make him or her identifiable.

The critical part of these meetings with the banks in coming days is drilling down into the 20% figure that was set to be reached by 30 June. The committee is trying to establish what range of resolution processes is being offered and what sustainable long-term solutions are being put in place. It is an opportunity for it to ascertain if there is consistency in approaches across the banks or if there are similarities. It also allows us to understand what difficulties might arise in reaching that figure, particularly as it grows towards year end when it has to be 50%. As part of his opening statement, I ask Mr. Boucher to give us strong details in that regard. While there are other aspects of the banking situation that need to be reviewed in terms of how mortgage lending might be developing and how new finances in the SME sector are structured, the elephant in the room is how the banks are meeting the 20% figure. We want to deal with that issue in detail. As part of his opening statement, I ask Mr. Boucher to address it specifically and in detail.

I again welcome Mr. Boucher, Mr. Prizeman, Mr. Mason and Mr. Farrell. I call on Mr. Boucher to make his opening statement.