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

I welcome everyone to the 18th public hearing of the Joint Committee of Inquiry into the Banking Crisis. This morning we will be focusing on issues related to the nature and functioning of the commercial real estate market in the period prior to 2008 in the context of the banking crisis in Ireland. In our first session we will hear from a representative of Jones Lang LaSalle, Mr. John Moran. Jones Lang LaSalle is an international professional services and investment management firm which offers specialised real estate services, with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion. It has more than 230 corporate offices and operates in 80 countries. It has a global workforce of approximately 58,000. It is a wholly owned subsidiary of Jones Lang LaSalle Inc. Jones Lang LaSalle Ireland was established in 1964 and provides a full service offering across all aspects of Irish real estate. The company employs 80 people and provides services for occupiers, tenants, developers, landlords, owners, banks and institutions. Services offered include valuation, sales, letting, acquisition, rent reviews, rating, consultancy advice, research and property management. Mr. Moran is an international director of Jones Lang LaSalle and managing director of Jones Lang LaSalle Ireland. He is a qualified chartered valuation surveyor and has been in practice for 29 years. He joined Jones Lang LaSalle in 1986 and has had various roles within the company. He was appointed managing director in January 2009 and is still the lead director for the investment department. His day-to-day role, alongside running the business, is advising on the acquisition and disposal of investment properties on behalf of pension funds, life assurance companies, financial institutions, receivers, private investors, property companies and high net worth individuals. He is very welcome.

Before we begin, I advise 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. 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 them 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. I invite Mr. Moran to make his opening comments.