The former Financial Regulator has admitted he DID have the tools to intervene and stop the banks from too much property lending.

But Patrick Neary has told the Oireachtas Banking Inquiry that he and the regulatory system had a 'narrow focus' and left the Central Bank to deal with the 'bigger picture' of the financial system.

Mr Neary's apologised for his role in the collapse, admitting that the regulatory systems he introduced were not strong enough.

But he's admitted that even if he didn't have the tools, a way COULD have been found to stop reckless lending - and that ultimately he believed the banks also had a role in making sure they acted prudently.

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