The former chief executive of Irish Nationwide says he was "shocked" that the building society collapsed as a result of the financial crisis.

Michael Fingleton has told the Banking Inquiry that Irish Nationwide was solvent on the night of the guarantee - and that he has no regrets about how it was run.

But he says he does regret that the building society's loan book became too large, and that public money was needed to bail it out.

Inquiry members were told last night that they would not be allowed to ask questions about the controversial 1 million euro bonus paid to Fingleton in 2008 - as it's currently subject to legal action.

But Mr Fingleton told members he was surprised and disappointed that Irish Nationwide caused such hardship for the publlic: