The former chairman of Irish Nationwide Building Society has dismissed claims that its board of directors had abdicated all responsibility for lending.

Michael Walsh says it's not fair to assume that the managing director Michael Fingleton had total responsibility for day-to-day lending at the building society.

He has been giving evidence at the Banking Inquiry, where Mr Fingleton earlier said he had been "wronged".

Mr Walsh told inquiry members that although Mr Fingleton had a strong personality, it did not mean the other directors took a back seat:

Earlier, the building society's former chief executive Michael Fingleton insisted he has been wronged in the portrayal of him in the demise of Irish Nationwide.

Irish Nationwide needed a taxpayer bailout to the tune of €5.4bn.

Mr Fingleton told the Banking Inquiry he regrets the taxpayer had to fund this - but says he does not regret the decisions he made in his 40 years at the head of the society.

He has told the inquiry that NAMA seriously undervalued loans at the society, and will make a profit of around €1bn on them.

He has also defended his €27m pension pot - saying the cost to INBS was three to four million, and that he invested that over the years to increase its value.

And he insisted he is suffering as a result of the economic crash.

But Mr Fingleton told Michael McGrath of Fianna Fáil that the picture painted of him is not right.

Mr Fingleton joined the building society in 1971 and was chief executive until his retirement in 2009.

This afternoon, former chairman Michael Walsh and former finance director John Stanley-Purcell will go before the inquiry.