The Banking Inquiry has been told that the decision to offer a blanket bank guarantee was the "stupidest own goal" in history.

Professor Bill Black also says the decision to guarantee junior bold-holders at the banks was "simply insane."

And he says the entire Irish collapse was the fault of regulators - who must have known about the issues at the banks, but were far too late to raise concerns.

Our political correspondent Gavan Reilly filed this report for Today FM's National Lunchtime News: