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

I welcome Professor Terrence McDonough and apologise for the late commencement of session B, which is to discuss issues relating to the international, EU and domestic policy contexts to the banking crisis in Ireland. Professor McDonough is professor of economics at NUI Galway and has a PhD in economics from the University of Massachusetts at Amherst. Before joining NUI Galway in 1995, he held posts at the Institute of Industry Studies at Cornell University, Canisius College, Buffalo, and Dublin City University. He has published numerous books and academic articles, was on the editorial board of the Review of Radical Political Economics and is currently on the editorial board of the International Journal of Pluralism and Economics Education. His current interests include globalisation, American and Irish economic history, political economy, the history of economic thought, and economics education for labour and community groups.

Before we begin, I advise Professor McDonough 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 the committee. However, if they are directed by the committee to cease giving evidence on a particular matter and they continue to so do, they are 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, as they were previously informed, the committee is asking witnesses to refrain from discussing named individuals in this phase of the inquiry.

Members are reminded of the long-standing parliamentary practice to the effect that they should not comment on, criticise or make charges against a person outside the House or an official either by name or in such a way as to make him or her identifiable.

I invite Professor McDonough to make his opening statement.