Ciarán Lynch (Cork South Central, Labour)
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We will now deal with No. 6 on the agenda, Quinn Insurance and the State's insurance compensation fund, the ICF. I welcome Mr. Michael McAteer, joint administrator, Mr. Aidan Cassells, chief executive officer, Quinn Insurance Limited, QIL, Mr. Patrick Dillon, advisory services partner to Grant Thornton, and Mr. Aidan Sherry, QIL. From the Department of Finance we have Mr. Aidan Carrigan, assistant secretary, Mr. Pat Casey and Mr. Cathal Sheridan. Representing the Central Bank of Ireland are Mr. Domhnaill Cullinan, head of general insurance division, Mr. Faheem Mirza, deputy head of general insurance division, and Mr. Tom Cleary, general insurance division.

The format of the meeting will be that Mr. McAteer, Mr. Carrigan and Mr. Cullinan will make opening remarks which will be followed by a question and answer session. I understand members of the committee have been issued with the witnesses' full statements. I propose that the three opening statements be confined to a maximum of ten minutes each. If the witnesses exceed that time I will cut them short. I ask them to prioritise the main points they wish to make in their presentations.

I remind members, witnesses and those in the Visitors' Gallery that all mobile telephones must be switched off and not put on silent mode. This meeting is being broadcast live by UPC on channel 207 and if a mobile phone is switched on it will interfere with the broadcast, sometimes to the extent that the broadcast is seriously disrupted and those watching it cannot follow the questions being asked or answered.

I wish to advise the witnesses that by virtue of section 17(2)(l) of the Defamation Act 2009, they are protected by absolute privilege in respect of their evidence to this committee. If witnesses are directed by this committee to cease giving evidence in relation to a particular matter and they continue to do so they are entitled, thereafter, only to a qualified privilege in respect of their evidence. Witnesses are directed that only evidence connected with the subject matter of these proceedings is to be given and they are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise or make charges against any person, persons or entity by name or in such a way as to make him or her identifiable. Finally, members are reminded of the long-standing ruling of the Chair to the effect that they should not comment on, criticise or make charges against a person outside the Houses or an official by name or in such a way as to make him or her identifiable.

Before we hear the opening statements I remind members of Standing Order 57 and the matter of sub judice. The topic before the committee today is Quinn Insurance and the State's Insurance Compensation Fund. Members are advised not to stray into other matters which are before the courts. I call on Mr. McAteer to make his opening statement who will be followed by Mr. Carrigan and Mr. Cullinan.