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

I now propose that the Inquiry into the Banking Crisis resume in public session. Is that agreed? Agreed.

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 the Central Bank of Ireland and Financial Regulator. At our session this afternoon, we will hear from Mr. Brian Patterson, former chairman, the Irish Financial Services Regulatory Authority. Mr. Brian Patterson was interim chairperson ... or, chairman of the IFSRA from November 2002 to April 2003. He became chairman of the Financial Regulator in May 2003, a position he held until April 2008. He was also a member of the board of the CBFSAI from May 2003 to April 2008. Mr. Patterson, you're very welcome before the committee this afternoon.

And before hearing from you, 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 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. In particular, there are ... or, sorry, 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 the 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 questions asked and the answers which can lawfully be 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 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 Gallery, these documents will be displayed on the screen to your left and right. And members of the public and journalists are reminded that these documents are confidential and that they should not publish any of the documents so displayed.

The witness has 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, will be relied upon in questioning and form part of the evidence of the inquiry. So if I can now ask the clerk to administer the affirmation to Mr. Patterson, please.