Former Tánaiste Michael McDowell says the banking inquiry has shown that ‘political incompetence’ played a role in the economic collapse.

The former Progressive Democrat leader was speaking at the MacGill Summer School in Co Donegal after his former Taoiseach Bertie Ahern’s appearance before the Committee’s members last weeks.

Mr McDowell says the Committee has shown that the Central Bank was 'majorly incompetent' - and 'did not do' what it was supposed to at the time of the crash.

Michael McDowell denies he himself was responsible for ‘light touch regulation’ - but he says politicians were too trusting of the Central Bank.