The banking inquiry has heard that as the crisis began to take hold, Anglo Irish Bank moved customers inside to avoid queues on the streets and prevent the general public becoming aware of any problems.

Appearing before the Oireachtas banking inquiry on Wednesday, former Anglo Irish Bank official Peter Fitzgerald described the atmosphere in Anglo in September 2008 as "very difficult".

He said the bank had built up strong relationships with it customers as had been well documented.

But as the crisis began to take hold, Mr Fitzgerald said the bank asked people to withdraw money in board rooms rather than form queues outside.

The former executive said when he worked with Anglo he believed they had built a successful model.

He said they know now was flawed and bankers had all accepted responsibility and accountability for what happened.

Mr Fitzgerald said: “Everybody has had to deal with it in the own particular way.”

Socialist TD Joe Higgins asked Mr Fitzgerald if Anglo was similar to a prescription drug dealer and its customers addicted to it.

The bank in return was petrified of a patient’s cold turkey. Mr Fitzgerald said he did not think that analogy was wrong.

The banking inquiry had earlier been adjourned after a request from Mr Fitzgerald to consult his legal team.

Asked by Deputy Kieran O’Donnell when he first became aware of Mr Sean Quinn’s Contracts for Difference and Anglo Irish bank, Mr Fitzgerald sought a short adjournment so he could consult his own legal team.

He said he was concerned he might say something today that might be prejudicial in six months time.

Mr Fitzgerald was head of retail banking at Anglo Irish Bank from 2008-2011.

Mr Fitzgerald said three events led to the collapse of Anglo Irish Bank - the collapse of Northern Rock, the St Patrick's Day massacre when Anglo's share price fell and the Leman Brothers collapse.

He said the bank had experienced a run on customer deposits up until September 2008.

Mr Fitzgerald told the banking inquiry: “Word on the street was that Anglo was in serious trouble.

“It was an incredible stressful time for Retail Deposit customers in particular, many of whom still had all of their savings with the Bank.

“While having survived two material events of this nature, the events of September brought a new level of uncertainty for the staff and management of the Bank and with the share price now below 30c, I believe most of the senior staff honestly felt the Bank would recover.”

He said at no point - even in September 2008 - did he believe Anglo was insolvent.

Mr Fitzgerald said it was the standard of Anglo’s loan books at the bank that caused its demise.

He said in hindsight a New York Times article headlined 'Could one bank bring down a country' was fair.

The former executive said he believed this because Anglo required the greatest bailout of any bank in Ireland.

Mr Fitzgerald said the bank knew in early September 2008 it would not survive.

He said this was his view based on conversations that were had where no answers could be provided.

The executive said it was a stressful environment and the institution tried everything they could to restore confidence in Anglo

Mr Fitzgerald told Fianna Fáil TD Michael McGrath he didn’t know if that view was expressed to the authorities because he was not party to those conversations.