An author of one of the banking crisis reports has told an Oireachtas Committee that international factors must be taken into account when outlining the reasons for the crisis.
The reports criticised the Government's fiscal policy and the system of regulation in the Irish financial sector, as well as the lending policies of Irish banks.
Klaus Regling told the Joint Committee on Finance and the Public Service that it would be easy to blame one or two people or institutions for the banking crisis, but said that analysis would be too simple.
He said international factors must also be taken into account when outlining the reasons for the crisis.
Mr Regling's co-author, Max Watson, said the international environment included bad and dangerous banking practices, which were missed by supervisors.
Mr Watson said where regulation existed, banks attempted to get around it.
He listed a number of international factors which he said created 'an accident waiting to happen'.
Report portrayed the perfect storm - Bruton
Fine Gael Finance Spokesman Richard Bruton said the report portrayed the perfect storm that led to the crisis.
Mr Bruton said nobody wanted to take away the punch bowl and that the Government fuelled the flames.
Mr Watson said that by 2006 it was no longer possible to envisage a soft landing for the economy and people were taking a risk on the boom.
He said that what happened was not a one-bank problem and that senior policy makers lacked information on the banks.
Mr Regling said it was not part of their remit to scrutinise the internal Department of Finance policy formation, but said overall the fiscal policy was not sufficiently counter-cyclical and that tax expenditure got out of control.
He also said there was not much in the way of good advice being given to policymakers.
Labour's Joan Burton described the Department of Finance as a 'ghost' in the report that is never mentioned.
She said that the Department was simply not at the races in terms of highlighting emerging banking issues.
Ms Burton also asked how a functioning Department of Finance could not be aware of the problems that were emerging in Anglo Irish Bank.