The former head of the IMF mission to Ireland has accused of the ECB of overstepping its powers by giving Ireland an 'ultimatum' over its bailout.

Ajai Chopra says the ECB should have no business telling national governments how to run their affairs - because its only job is to control the value of the euro.

He also says Ireland could have saved around €8 billion by burning bank bondholders - but the ECB stepped in to block the plan.

The ECB has previously said there was a 'broad consensus' around the decision not to burn bondholders, but the matter is likely to be revisited when Michael Noonan appears before the inquiry later today, on its final day of public hearings.

It has separately emerged today that the ECB president Mario Draghi has agreed to take questions from elected Irish politicians.

However he will not appear in Dublin - but rather at a committee of the European Parliament, to take questions from its Irish members about the ECB's handling of the bailout.

Our political correspondent Gavan Reilly filed this report for the National Lunchtime News: