Banking Inquiry final report may dispute claim Government had 'one shot' at guarantee

The full report is to be published on Wednesday

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Some of the details of the Banking Inquiry report have begun to emerge.

It is expected the report - which is due to be published on Wednesday - has come down hard against the regulator and the Central Bank.

It is understood the report has found that both the Financial Regulator and Central Bank had sufficient powers to intervene in the banking sector - but neither did so decisively.

Newstalk's Political Editor Shane Coleman spoke to Lunchtime about the details revealed today. 

He says that some of the report's findings are "far from surprising - it will not shock you to know the report is critical of the Central Bank and Financial Regulator".

However, he explained there are a few less expected details contained within the report.

"In my understanding, the report will say that Anglo Irish Bank had agreed a letter of comfort with the Central Bank the day before the guarantee was given. Why is that crucial? Because that would suggest Anglo Irish Bank would have opened its doors the morning after the guarantee was given - regardless of whether or not [it] was given," Shane said, suggesting that point will raise questions over whether or not the Government rushed to judgement in giving the guarantee.

He continued: "My understanding is that the report will reject the argument that John Hurley, the Governor of the Central Bank at the time, said to Brian Cowen and Brian Lenihan 'we have one shot at this'. My understanding is the report will say that was wrong - there wasn't just one shot at this".

You can listen back to more of Shane's comments below: