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

The Committee of Inquiry into the Banking Crisis is now in public session. 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 with Mr. John McCarthy, chief economist, Department of Finance. In doing so, I would like to welcome everyone to the public hearing of the Joint Committee of Inquiry into the Banking Crisis. Today, we continue our hearings with senior officials from the Department of Finance who had key roles during the crisis period. At this morning's session we will hear from Mr. John McCarthy, chief economist, Department of Finance. John McCarthy joined the Central Bank as an economist in 1996 but has spent most of his career on secondment to the Department of Finance. At all times in the Department, he worked in the economic section of the budget and economic division. He was appointed chief economist at the Department in November 2013 following an open competition. Mr. McCarthy, you are very welcome before the committee this morning.

Before 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. 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 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. If I can now ask the clerk to administer the oath to Mr. McCarthy, please?