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

As we have a quorum, the Joint Committee of Inquiry into the Banking Crisis is now in public session. Is that agreed? Agreed.

Can I ask members and those in the public Gallery to ensure that their mobile devices are switched off at today's proceedings? We begin today's session 1, public hearing and discussion, with Mr. Michael Buckley, former group chief executive, and Mr. Eugene Sheehy, former group chief executive, Allied Irish Banks. In doing so, I'd like to welcome everyone to the 21st public hearing of the Joint Committee of Inquiry into the Banking Crisis.

This morning we will hear from Mr. Michael Buckley, former group chief executive, and Mr. Eugene Sheehy, also a former group chief executive of Allied Irish Banks. Mr. Michael Buckley retired as group chief executive and as director of AIB Group in June 2005. He has been director of AIB since 1995. Mr. Buckley is also a former managing director of the AIB Poland division and of the AIB capital markets division.

Mr. Eugene Sheehy joined AIB in 1971 and spent almost 20 years in retail banking, including branch manager appointments in a number of Dublin branches. He was appointed general manager retail operations in 1999, managing director AIB Republic of Ireland in 2001, and chief executive officer of AIB's USA division in 2002. He assumed responsibility as group chief executive with effect from 1 July 2005, a position he held until his retirement in 2009. Mr. Buckley, Mr. Sheehy, you are both welcome to today's proceedings.

Moving on to the formalities of today's business, 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 you are directed by the Chairman to cease giving evidence in relation to a particular matter and you continue to so do, you are entitled thereafter only to a qualified privilege in respect of your evidence. You are directed that only evidence connected with the subject matter of these proceedings is to be given.

I would remind members and those present that there are currently criminal proceedings going on and ongoing and further criminal proceedings are scheduled during the lifetime of the inquiry which overlap with the subject matter of the inquiry. The utmost caution should be taken not to prejudice those proceedings.

Members of the public are reminded that photography is prohibited in the committee room. To assist the smooth running of the inquiry, we will display certain documents on the screens here in the committee room. For those sitting in the Gallery, those documents will be displayed on the screen to your left. Members of the public and journalists are reminded that these documents are confidential and they should not publish any of the documents so displayed.

The witnesses have been directed to attend this meeting of the Joint Committee of Inquiry into the Banking Crisis. You have been furnished with booklets of core documents, these are before the committee and will be relied upon in questioning and form part of the evidence of the inquiry.

So if I could now, to begin proceedings, ask the clerk to administer the oath or affirmation to you.