Anglo had already failed - it shouldn't have been guaranteed

The Governor of the Central Bank says that Anglo Irish Bank had already failed in September 2008, and should have been nationalised rather than placed under the Bank Guarantee.

Patrick Honohan is appearing before the Oireachtas Banking Inquiry again, where he's being questioned by cross-party TDs.

Professor Honohan says nationalising the bank would have saved taxpayers money, but not 40 billion;

Earlier, Governor Honohan said the ill-fated Guarantee was not the main cause of subsequent austerity.

Governor Honohan says the move to issue a blanket bank guarantee did cost Irish tax payers billions, but not the full amount of the banking crisis;