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

So with that said, as we've a quorum, the Committee of Inquiry into the Banking Crisis is now in public session. Is that agreed? And can I ask members and those in the public Gallery to ensure that their mobile devices are switched off? We begin today with session 1, public hearing, discussion with Mr. John Hurley, former Governor of the Central Bank of Ireland.

And in doing so I would like to welcome everyone to the 28th public hearing of the Joint Committee of Inquiry into the Banking Crisis. Today we continue our hearings with senior figures who had key roles before and during the crisis and the focus of this morning's session is on the years 2000 ... of 2000 to 2008, the implementation of the new Central Bank and financial regulation structures following the Central Bank and Financial Services Authority Act 2003 and the years building to the start of the crisis in 2008. The focus of this afternoon's session is on the years 2008 to 2009, the critical years in the build-up and immediate response to the crisis. John Hurley was appointed Governor of the Central Bank in March 2002, a position he held until his retirement in September 2009. Prior to this he has had extensive ... an extensive career in the Civil Service and served as Secretary General at the Department of Health and the Department of Finance. Mr. Hurley, you're very welcome before the committee this morning.

Before we start hearing from the witness, I wish to advise the witness 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 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. Therefore, the utmost caution should be taken not to prejudice those proceedings. In addition, there are particular obligations of professional secrecy on officers of the Central Bank in respect of confidential information that they have come across in the course of their duties. This stems from European and Irish law, including section 33AK of Central Bank Act 1942. The banking inquiry also has obligations of professional secrecy in terms of some of the information which has been provided to it by the Central Bank. These obligations have been taken into account by the committee and will affect the witnesses asked and the answers which can be lawfully given in today's proceedings. In particular, it will mean that some information can be dealt with in a summary or aggregate basis only, such that ... such as that individual institutions will not be identifiable.

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 public 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 witness has been directed to attend this meeting of the Joint Inquiry into the Banking Crisis. 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 with that said, if I can now ask the clerk to administer the oath to Mr. Hurley, please.