After four months of hearings, today will mark the last day of public business for the Banking Inquiry.

Members will then hold private hearings to compile their full report - which is expected to be complete by the new year.

Ajai Chopra,  former head of the International Monetary Fund (IMF) and Finance Minister Michael Noonan are due before the Inquiry today. 

Ivan Yates discussed the issue this morning on Newstalk Breakfast and questioned whether we have actually learned anything from the inquiry.

He stated: "I had an open mind about the Banking Inquiry. I thought, well look it can't do any harm. It will give, like a tribunal, an element of face time before the public for people who are critical figures with the guarantee with the bailout and bankers themselves.

"It has been a total disaster.

"First of all, they never employed any senior council to do any forensic questioning in the way tribunal council did.

"So what happened? People rocked up. They gave a lengthy written statement that was leaked in the Sunday papers and then they basically had a long speel where they absolved themselves. 

"They either had memory lapses, it wasn't their fault, nobody told them, it was someone else's fault and we had pass the parcel.

"So actually, it has done enormous damage.

"It has given a platform for people who have no credibility to enter into an exercise in denial and after the evidence is over, you're left with a report.

"There may even be a majority and a minority report because there was actually quite a lot of conflicting evidence on the night of the guarantee. 

"How they resolve those conflicts under sworn evidence is one issue but at the end of the day there's a political component to this, a party political component. You may well have two reports.

"Not one punch was landed on any witness before it, no matter what they may have done wrong."