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

I now propose that we go back into a public session. Is that agreed? Agreed. So we commence this afternoon's session with Mr. Brendan McDonagh. It's our third public hearing today. Mr. McDonagh is a former director of finance, technology and risk at the National Treasury Management Agency. In resuming, I would like to welcome everybody back to the public hearings of the Joint Committee of Inquiry into the Banking Crisis. At this afternoon's session we will focus upon the role of the National Treasury Management Agency during the crisis. At our first session this afternoon, we will hear from Mr. Brendan McDonagh, former director of finance, technology and risk at the NTMA. Mr. McDonagh worked at the NTMA from 1994 to 2009 where he was financial controller and later director of finance, technology and risk. He is currently chief executive officer at the National Asset Management Agency, also known as NAMA. Mr. McDonagh, you're very welcome before the inquiry this afternoon.

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 and 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 this 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 are documents and that they 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, will be relied upon in questioning and form part of the evidence of the inquiry. So with that said, I'd welcome Mr. McDonagh again and if I can ask the clerk to now administer the oath to Mr. McDonagh.