The former chief economist of Bank of Ireland has played down warnings from David McWilliams that the housing bubble would burst.

Mr McWilliams' warnings have been recalled at the Banking Inquiry which today heard from economists at the major banks.

Dan McLaughlin, formerly of Bank of Ireland, says people pay too much attention to the predictions of individual people, and the idea that “everyone though the housing bubble would go on forever” is “absolutely completely wrong”

Mr McLaughlin told the Inquiry that complaining out individual warnings - and whether they were accepted - isn't a fair approach.

“You can pick out papers that were written ten or fifteen years ago that were wrong all the time – it’s just another view,” he said.

“The notion that everyone thought the housing market would go on forever is completely wrong – it’s absolutely completely wrong.”