Banking Inquiry: Smoking guns yet to be found at inquiry

After a make or break fortnight which saw ousted ex-taoiseach Brian Cowen take centre stage, the banking inquiry has still to find any smoking gun for what caused the 2008 crash.

As a result, seven months in and with its star witness left relatively unscathed, the multi-million euro probe is itself facing legitimate public questions over whether it is worth all the hassle.

But the past fortnight of evidence from Mr Cowen and others has at least brought into sharp focus one point which cannot be disputed. As the country went bust, a small group of well-connected individuals swam and sank together, leading either to a deliberate attempt to hoodwink the public for personal greed or a dangerous breach of Chinese walls.