The head of the powerful Dail public accounts committee has accused the Taoiseach of being “afraid” of a inquiry into the banking sector.

Bernard Allen of Fine Gael says he believes it would expose Brian Cowen as having been “politically negligent” during his time as Finance Minister.

The Government has so far resisted calls for an immediate inquiry into the banking crisis, with ministers instead saying one could take place after the financial situation here stabalises.

But Deputy Allen says such a probe might shine an unfavourable light on Mr. Cowen’s role in regulating the industry.