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

As we have a quorum, the committee is now in public session. Session 1 this morning is a public hearing with Mr. Michael Doorly, former financial director of Independent News and Media, and Mr. Gerry O'Regan, former editor of the Irish Independent, on the role of the media in the lead into the banking crisis in the period from 2002 to 2007. I welcome everyone to the 17th public hearing of the Joint Committee of Inquiry into the Banking Crisis.

During our sessions this week we are hearing from a number of witnesses on the role of the media during the property boom in the lead-in to the banking crisis 2002 to 2007 and any changes in approach after the crisis. At our first session this morning we will hear from Mr. Michael Doorly, former finance director of Independent News and Media, and Mr. Gerry O'Regan, former editor of the Irish Independent. Specifically, Mr. Regan and Mr. Doorly have been invited to discuss the independence of editorial policy on the economy and property boom and, separately, their newspapers' business model and sources of revenue including that from the real estate sector in the period from 2002 to 2007.

Mr. Doorly is the company secretary of Independent News and Media plc. He is an experienced senior executive in the group and has held a variety of senior management roles in the subsidiary Independent Newspapers (Ireland) Limited, including that of sales and marketing director, finance director and operations director. He has also travelled extensively with the group to New Zealand, South Africa and the UK. Mr. Gerry O'Regan was editor of the Irish Independentfor seven years from 2005 to 2012. Prior to that he was editor of The Heraldand the Irish Daily Starfor periods of six years and five years respectively. Before that he was deputy editor of the Irish Independentand held various other editorial positions on the newspaper. Mr. Doorly and Mr. O'Regan are welcome before the inquiry.

Before I begin 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 Chairman 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 as they have been informed previously, 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 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. In whatever sequence they wish, I invite Mr. Doorly and Mr. O'Regan to make their opening comments.