Banking Inquiry: ECB decision cost State €9.1bn

An “explicit” refusal by the European Central Bank to allow the government burn bondholders cost the Irish taxpayer a staggering €9.1bn, the Oireachtas banking inquiry has concluded.

The Fianna Fáil governments of Bertie Ahern and Brian Cowen missed three key warnings which would have prevented or vastly reduced the scale of the Irish crash, the inquiry also found.

The embattled inquiry released its final report yesterday amid accusations from one of its own members, Pearse Doherty, that its weaknesses represented a “disservice” to the people.