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

We have a quorum, the Committee of Inquiry into the Banking Crisis is now in public session, is that agreed? Can I ask members and those in the public Gallery to ensure that their mobile devices are switched off. I would like to welcome everyone to the 32nd public hearing of the Joint Committee of Inquiry into the Banking Crisis. Today we continue our hearings with key figures from the Central Bank of Ireland and the Financial Regulator who had key roles during the crisis period. At this morning's session we will hear from Mr. Liam O'Reilly, former CEO of the Financial Regulator. Liam O'Reilly was assistant director general of the Central Bank of Ireland from 1998 and had been responsible for all of the Central Bank's financial supervision functions. He was appointed interim chief executive at the Financial Regulator in November 2002, and chief executive in May 2003 until he retired in January 2006.

Mr. O'Reilly, you are very welcome before the inquiry this morning. Before we commence proceedings I wish to advise you 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're 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 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 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.

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 and will be relied upon in questioning and form part of the evidence to the inquiry. So with that said, if I can now ask the clerk to administer the oath.