Michael Noonan has directly contradicted the Banking Inquiry evidence given by the former European Central Bank president.

The Finance Minister says the ECB did warn Ireland against burning bank bondholders, and that Jean-Claude Trichet did phone him to say "a bomb would go off" in Dublin if bondholders were burned.

He says the government wanted to announce to burn bondholders at Anglo and Irish Nationwide in 2011, three weeks after taking over, but the ECB issued a warning against it.

Mr Trichet denied making such a call when he gave evidence to inquiry members earlier this year.

Minister Noonan says he read reports of Mr Trichet's evidence - and he says he's contradictory:

Earlier, the former head of the International Monetary Fund mission to Ireland said the ECB acted beyond its mandate when it pushed Ireland into a bailout.

Ajai Chopra said the demands laid out in the now-infamous letters from Jean-Claude Trichet were not part of the ECB's job.

Mr Chopra was giving evidence to the Banking Inquiry on its final day of public hearings.

He said the only job of the ECB is to control inflation, and the actions of individual governments are not the business of the ECB.

Senior European Commission official Mario Buto also spoke before the Banking Inquiry today, and said the EC always tried to make sure that Ireland's austerity measures didn't harm those who are less well off.

Mr Buti was asked if the austerity measures were too tough on ordinary people.

After four months of hearings, today will mark the last day of public business for the Banking Inquiry.

Members will then hold private hearings to compile their full report - which is expected to be complete by the new year.