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

Chief economist, sorry. I was probably giving you a promotion there. My apologies for that. Mr. John Beggs, former chief economist, Allied Irish Banks, Mr. Pat McArdle, former group chief economist, Ulster Bank, and Mr. Dan McLaughlin, former chief economist at Bank of Ireland. The committee of inquiry into the banking crisis is now resuming in public session. Can I remind members and those in the public gallery to ensure that their mobile devices are switched off. Today we continue our hearing with senior bank executives who had roles during and after the crisis. This afternoon we will hear from former chief economist from Bank of Ireland, AIB and Ulster Bank, Mr. Pat McArdle, former group chief economist, Ulster Bank, Mr. Dan McLaughlin, former chief economist, Bank of Ireland, and Mr. John Beggs, former chief economist, Allied Irish Banks.

Pat McArdle is the former group chief economist with Ulster Bank, a position he held from 2002 until his retirement in 2009. From 1996 to 2002, he was Ulster Bank's chief economist. Prior to this, he was head of research at NCB. He is chairman of the International Institute of European Affairs economist group and is a member of the economic and monetary affairs committee at the European Banking Federation. Mr. Dan McLaughlin was chief economist with Bank of Ireland from 1999 until his retirement in 2013. Previously he was chief economist with ABN AMRO and Riada Stockbrokers. Mr. John Beggs was chief economist ... AIB Bank from 2011 until his retirement in 2012. Prior to that he was chief economist of AIB Global Treasury from 1992 until 2011. Previously he was chief economist of Goodbody Stockbrokers, the stockbroking arm of the AIB Group, and chief economist of Allied Irish Securities. He began his career in the Department of Finance in 1975. Mr. McLaughlin, Mr. Beggs and Mr. McArdle, you're very welcome before the committee this afternoon.

Before I commence proceedings, 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 ongoing and further criminal proceedings are scheduled during the lifetime of the inquiry, which overlap with the subject matter of the inquiry. So, therefore, 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, these documents will be displayed on the screens to your left and right. And 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, and you have been furnished with booklets of core documents. These are before the committee, will be relied upon in questioning and form part of the evidence of the inquiry. So, before I commence proceedings, can I ask the clerk to administer the oath to Mr. McLaughlin, Mr. Beggs and Mr. McArdle.