Property bubble was allowed to explode despite warnings

THE Taoiseach was deeply implicated in the collapse of the economy, the banking reports conclude.

Though he is not named directly, the thrust of fiscal policy while Mr Cowen was in charge of the economy from 2004 comes in for withering attack.

The reputational and political implications for the Taoiseach are likely to be severe as his judgment while Finance Minister is criticised again and again in both probes.