Governor of the Central Bank Patrick Honohan has defended his role in the European Union-International Monetary Fund deal negotiated last November.

He said he has no regrets about going on RTÉ Radio to tell the Irish people and the wider world what was going on, as he considered it necessary to avoid a potential crisis.

He said over the previous days there had been intense negotiations involving a lot of people.

But he said there was a sense in markets and in European political circles that something was stalling in the process, and that something very serious was about to happen.

There was concern in European political circles, including in the European Central Bank, about the negotiations, and there was a fear of a meltdown.

He said he was trying to reassure people behind the scenes that the talks were going ahead.

Prof Honohan said he believed that he was the only person who was going to tell people what was happening, and that he had a responsibility to do that.

The Central Bank Governor said his only personal regret was that he wrong-footed the late Brian Lenihan, whom he said could have told people the day before the governor's intervention, but it was Mr Lenihan's choice not to do so.

He said the deal negotiated was not a bad one, but he felt a number of opportunities for a better deal were missed because it was done quickly.

The noted problem was the high interest rates charged by the European Financial Stability Facility, a situation that has now been rectified.

He also pointed to last week's call by IMF head Christine Lagarde for the EFSF to use funds to directly capitalise banks, rather than lending on to states to do the same.

He said that in this case it would be the EFSF rather than the Irish taxpayer who owned 99.8% of AIB and big stakes in all the other banks.

He said a scheme of that kind was something he had in mind at the time, that might have been worked up into a detailed scheme if there had been more time.