Stress tests of 91 banks across Europe to gauge their ability to weather a new financial storm have revealed seven failures, regulators said today.

The Public Accounts Committee is releasing documents relating to events in the lead-up to the Government's decision to impose a banking guarantee in September 2008.

The Governor of the Central Bank has said that former Financial Regulator Patrick Neary was not the only person who made mistakes in the run-up to the current financial crisis.

Financial Services Regulator Liam O’Reilly said investigations were ongoing into certain tax and deal allocation issues which arose in the late 1980s to mid 1990s.