The final report of the Banking Inquiry will blame the European Central Bank for 'inappropriately' placing huge amounts of bank debt on Irish citizens.
The report, to be published this afternoon, will find that the bank twice put a stop to Ireland's plans to burn bondholders, which the IMF had supported.
The report is set to find that a Troika assistance programme was inevitable by October 2010, a month before it became reality.
It will say the IMF had supported burning senior bondholders at the banks, and the Attorney General had been looking into the legality of doing so.
But it will find that there would have been NO Troika programme in November 2010 if the Government had gone ahead with the plan.
When the new government took up the campaign again four months later, the ECB threatened to cut off the cash lifeline which had been essential for the Irish banks - and so the plan was again scrapped.
The inquiry will find that this position by the ECB led to the "inappropriate" placing of bank debts on the Irish citizen.
Regulator 'had powers but didn't use them'
It will also find that the people who made the decision for the blanket bank guarantee were not aware of the true situation of the banks - and that while the Financial Regulator DID have enough power to intervene as lending began to get out of control, it DIDN'T use it.
Elsewhere it will be highly critical of the roles of the Central Bank and Financial Regulator - arguing that while both had the necessary tools to properly regulate the banking sector, neither had effectively used them.
The regulator in particular comes in for criticism, with the inquiry finding that it had not begun disciplinary proceedings against any financial institution between 2000 and 2008 - instead trying to morally persuade banks to change tack when they were in breach of lending rules.
This meant that the banks effectively believed they could break those roles without any sanction.
