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

I call the committee into public session. Is that agreed? Agreed. As we have a quorum, the committee of inquiry into the banking crisis is now in public session. Can I ask members and those in the public gallery to ensure that their mobile devices are switched off?

We begin today's session 1 public hearing discussion with Mr. Michael Torpey, former group finance director at Ulster Bank Group, and Mr. Robert Gallagher, former chief executive, corporate markets division at Ulster Bank. In doing so, I would like to welcome everyone to the 24th public hearing of the Joint Committee of Inquiry into the Banking Crisis, and today we continue our hearings with senior bank executives who had roles during and after the crisis.

This morning we will hear from witnesses from Ulster Bank, Mr. Michael Torpey, former group finance director, Ulster Bank Group and Mr. Robert Gallagher, former chief executive, corporate markets division of Ulster Bank. Mr. Michael Torpey was group finance director, Ulster Bank Group, from 2004 to 2007, having previously been financial director at First Active. Since leaving Ulster Bank, Mr. Torpey has been a group treasurer at Irish Life and Permanent, head of banking at NTMA and, since 2013, has been chief executive, corporate and treasury division at Bank of Ireland.

Mr. Robert Gallagher was chief executive, corporate markets division, Ulster Bank, from 2015 to 2011. Between 1991 and 2005, Mr. Gallagher had numerous positions in AIB and before that he worked with Citigroup in Australia. Since 2014, Mr. Gallagher has been director credit at KKR, a US investment firm.

Mr. Torpey and Mr. Gallagher, you are both welcome before the committee this morning and 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. 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 screens to your left and right. Members of the public and journalists are reminded that these documents are confidential and they should not publish any of the documents so displayed.

So, in that regard the witnesses have been directed to attend the 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 before we begin the proceedings, so if I can ask the clerk to administer the oath to both Mr. Torpey and Mr. Gallagher, please.