It has emerged that a meeting between former Taoiseach Brian Cowen and senior Anglo executives before a golf game in 2008 took place in a private house and not in the Druids Glen hotel.

Mr Cowen met with Seán Fitzpatrick, Fintan Drury, Alan Gray and Gary McGann in July 2008, just weeks before the bank guarantee.

Brian Cowen, Fintan Drury and Gary McGann have told the Banking Inquiry that general economic developments and not banking were discussed at the meeting and over dinner after the golf game.

Mr McGann revealed to Kieran O'Donnell at the inquiry that the pre-golf meeting actually took place behind closed doors in Mr Drury's home:

There was a "full-blown run" on Anglo Irish Bank when Lehman Brothers collapsed in September 2008, the Banking Inquiry has been told.

The former Director of Corporate and Retail Treasury at the bank said this was the third problem for them after the share price collapse earlier in the year and the Northern Rock crisis in the UK.

Speaking at the Banking Inquiry this morning, Peter Fitzgerald says the bank's management believed 'the game was up' just days before the bank guarantee, and that the bank would shortly collapse.

He says this was because they had no answer to the constant outflow of customer and wholesale deposits.

According to Fitzgerald, they were keen to ensure there was no panic created with queues on the streets: