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

In commencing this morning's proceedings I welcome everyone to the 11th public hearing of the Joint Committee of Inquiry into the Banking Crisis. At our first session this morning we will hear from Mr. David McWilliams on issues related to early warnings, divergent and contrarian views in the context of the banking crisis in Ireland. David McWilliams is an economist, writer, broadcaster and journalist. He worked initially as an economist with the Central Bank of Ireland, the Union Bank of Switzerland and Banque Nationale de Paribas. Since 1999 he has been a broadcaster, writer, economic commentator and documentary maker. He has written four books, writes two weekly economic columns and he has made various documentaries. He has brought a one man economic stand-up show to the stage at the Abbey Theatre. David McWilliams is credited with being one of the first economists to predict a boom in Ireland's economy and for his predictions of an Irish property bubble building from 2000 to 2007 which would ultimately burst. He was the first to coin the phrase "ghost estates". In January 2007, David McWilliams was selected as one of 250 young global leaders by the World Economic Forum and he is a regular speaker on the international circuit. I welcome Mr. McWilliams.

I wish to advise the witness 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 the witness is directed by the Chairman to cease giving evidence in relation to a particular matter, and continues to do so, the witness is entitled thereafter only to a qualified privilege in respect of the evidence. The witness is directed that only evidence connected with the subject matter of these proceedings is to be given. The witness has been informed previously that the committee is asking witnesses to refrain from discussing named individuals in this phase of the inquiry. Members are reminded of the long-standing ruling of the Chair to the effect that Members should not comment on, criticise or make charges against a person outside of the House or an official by name, or in such a way as to make him or her identifiable. Can I invite Mr. McWilliams to make his opening remarks to the inquiry please.