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

I now propose that we go back into public session for this afternoon's engagement, is that agreed? Okay, and the committee is now back in public session for session 2. This is a public hearing with Mr. Paul Smith, former managing partner at Ernst and Young, and Mr. Dargan Fitzgerald, audit partner, Ernst and Young. The Committee of Inquiry into the Banking Crisis is now resuming in public session and can I ask members and those in the public Gallery to ensure that their mobile devices are switched off.

Today we continue our hearings with senior auditors who had roles during and after the crisis. This afternoon we will hear from witnesses from Ernst and Young, Mr. Paul Smith, former managing partner, and Mr. Dargan Fitzgerald, audit partner. Mr. Paul Smith is a former managing partner with Ernst and Young. He held this position from 2000 to July 2009, having been re-elected on three consecutive occasions.

Dargan Fitzgerald is head of Ernst and Young's insurance and audit practice in Ireland. He is a partner in Ernst and Young since 2000, and within Ernst and Young is the EBS's auditing partner. Mr. Smith and Mr. Fitzgerald are both very welcome here this afternoon.

Before I start hearing from the witnesses, 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 do so, 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 in 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. Therefore, the utmost caution should be taken not to prejudice those proceedings, and in this regard, I remind members and those present, that Mr. Paul Smith and Mr. Dargan Fitzgerald are here today to discuss their roles as auditors with Ernst and Young of EBS. While Ernst and Young also acted as auditor to Anglo Irish Bank, due to the current criminal proceedings before the courts, Ernst and Young's role as auditor of Anglo will not be examined by the joint committee at today's hearing, so as not to prejudice those particular proceedings.

So with that said, members of the public are reminded that photography is prohibited in the committee room. To assist the smooth running of the inquiry, we will also display certain documents on the screens here in the committee room. For those sitting in the Gallery, these documents will be displayed on screens to your left and right, and members of the public and journalists are reminded that the 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 and will be relied upon in questioning and form part of the evidence of the inquiry. So with that said, I now ask the clerk to administer the oath.