Ciarán Lynch (Cork South Central, Labour)
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The committee is in public session. In session 1 we have a discussion with Professor William Black on banking policy, systems and practices. I welcome Professor William Black to the seventh public hearing of the Joint Committee of Inquiry into the Banking Crisis. Later this morning we will hear from European Commissioner, Mr. Mario Nava.

At our first session we will hear from Professor William Black, University of Missouri-Kansas City school of law, on the subject of banking policy, systems and practices. I welcome Professor Black to the meeting and to Ireland. I am aware he is a regular visitor and I hope his stay is pleasant. Professor Black is an associate professor of economics and law at the University of Missouri-Kansas City. Previously he was executive director of the Institute of Fraud Prevention. He has taught previously at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin and at Santa Clara University. He was litigation director of the Federal Home Loan Bank board, general counsel of the Federal Home Loan Bank of San Francisco and senior deputy chief counsel, Office of Thrift Supervision, and recently helped the World Bank develop anti-corruption initiatives and served as an expert for the Office of Federal Housing Enterprise Oversight in its enforcement against US financial institution Fannie Mae's former management. Professor Black is also author of the book The Best Way to Rob a Bank is to Own One.

I advise that by virtue of section 17(2)(l) of Defamation Act 2009, the witness is protected by absolute privilege in respect of his evidence to the committee. If he is directed by the Chairman to cease giving evidence on a particular matter and continues to do so, he is entitled thereafter only to a qualified privilege in respect of his evidence. The witness is directed that only evidence connected with the subject matter of these proceedings is to be given and, as he has been informed previously, the committee is asking him to refrain from discussing named individuals in this phase of the inquiry. I remind members 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 House or an official by name or in such a way as to make him or her identifiable.

Again, I welcome Professor Black and invite him to make his opening statement.