Mr. Gerry O'Regan:

I thank the Chairman and members of the committee for inviting us. As the Chairman outlined, I was editor of theIrish Independentfor a period of seven years from 2005 to 2012, and I was previously editor of The Heraldand the Irish Daily Starfor a total of 11 years.

I am qualified to discuss the editorial policy of the newspaper during my period as editor, rather than matters such as advertising revenue streams. The established policy and practice of strict separation of the editorial and advertising functions meant I was solely responsible for editorial direction. Under line management systems, other executives were accountable for commercial activities such as advertising. Correspondence on behalf of the committee states it wishes to specifically discuss "editorial policy on the economy and the property boom (2002-2007)".

By way of background and context, I think it should be noted that the overall role of an independent media in a free society is both complicated and nuanced, depending on events and circumstances. However, my essential point in relation to editorial policy, particularly with regard to economic coverage, is that there was no conscious attempt on my part, or on the part of the newspaper, to fuel what has been described as the property boom. It would be wrong, I think, to retrospectively arrive at definitive conclusions regarding the coverage of the economy and the property market on the basis of subsequent events and evidence which was not then but is now in the public domain.

The ever-changing dynamic which is a mass-selling daily newspaper requires sophisticated analysis when it comes to assessing editorial coverage on a particular issue. As the biggest-selling daily newspaper in the country, the Irish Independenthas a wide and multilayered readership base. These demographics, by definition, continue to evolve. The primary objective of an editor is to try to cater for such readership requirements by marrying statistical data and social trends with editorial instinct. The roadmap for editing, therefore, by definition, remains constantly subject to change, depending on changing events.

Coverage of the economy and related matters, such as the property market, is a key part of the journalistic remit of a paper like the Irish Independent. However, such coverage cannot be conducted in an intellectual vacuum, and editors, writers, contributors and analysts cannot but be influenced by the prevailing climate at a given point in time. Certainly, up to and including 2007, the overwhelming consensus both domestically and abroad was that Ireland had transformed itself economically. The country had by then enjoyed a number of years of unparalleled prosperity, manifest most of all in historically low unemployment rates and a period of net immigration for the first time in the history of the State.

It is important to give cognisance to the economic context and background in which media reporting and commentary we are now discussing took place. It was obviously done within the parameters of knowledge at that particular point in time. Certain objective data statistics and facts have to be taken into account when we look back at the period we are now reassessing. The facts show the economy grew strongly from 2002 and this continued in 2007. National debt was among the lowest in the developed world at 25% of GDP. The country's fiscal performance was outstanding and employment levels were at heights never seen before in Ireland. All of these factors led to a powerful so-called "national feel-good factor''. Ongoing reporting and analysis of economic and related matters continued against this background. Central to some of the arguments being considered by the committee is that editorial work had to be carried out within the framework of known events and facts at that particular time.

The overwhelming consensus was that, despite the rapid growth of the construction industry and the ongoing rise in house prices, the essential pillars of our economy were sound. The prevailing wisdom was that if a property bubble was to emerge, the country's still high employment figures and positive Government finances would mitigate against a serious economic downturn. Hence the widespread belief in the financial, economic and political communities that a ''soft landing'' would result from the rapid expansion of the property and construction sectors over the previous number of years. It is important to note also that this was the prevailing economic consensus abroad, particularly at EU level, and the approach to Irish fiscal and economic strategies by various reputable international organisations could be described as removed and benign, seemingly on the presumption that the fundamentals of our economy were sound.

As we now know, however, and as has so often happened in similar circumstances throughout economic history, underlying trends were gathering pace which would have serious negative implications for Ireland. Clouds were gathering in the international financial world and the storm that erupted in 2008 led to a global financial crisis, which had profound economic and fiscal consequences for the economies of both the USA and Europe, and particularly for those on the periphery of things, such as Ireland. In time, such developments would have profound consequences, particularly for our own banking structure.

The consequences for the Irish economy have been well documented, but for the period I have been asked to comment on, 2002 to 2007, the full import of a changing economic landscape worldwide was still in the future, and, as such, could not completely inform editorial coverage in the newspaper. My predominant objective as editor was to optimise the circulation of the Irish Independent. By definition, in an intensely competitive environment, this meant embracing and encouraging wide-ranging and diverse views in its editorial content. Daily newspapers articulate and reflect various dimensions of what has been described as "the national conversation" at any particular point in time. Sometimes, of course, the predictions and assertions by some commentators about possible future trends may prove to be incorrect, but that really is intrinsic to the very essence of journalism, including economic forecasting.

The ultimate safety valve for the maintenance of editorial standards in a newspaper is the perception and understanding of its readers. They can be influenced in making the ultimate choice, and it is a very grim choice for any editor - they can decide to stop buying the paper - if they believe certain editorial standards are not being met. For all media, including newspapers, the consumer is the ultimate judge and jury. For this and other reasons, which I hope will emerge in the discussion to follow, there was no hidden agenda in the Irish Independent to try to artificially bolster the property market for the period under review.