Former Fianna Fail Minister Éamon Ó'Cuív says he and members of the government of Brian Cowen are sorry for the financial crisis.

In his first major interview since leaving office, Brian Cowen admitted his government did not see the crash coming and that they had no 'Plan B' in place.

He has made the comments in an interview with TG4 during which he also said his party did not believe those who were warning of danger at the time of collapse.

He also told the 'Comhra' programme that he still stands over the controversial decision to guarantee the failing Irish banks.

He concedes that it is "very regrettable" that people were carrying the burden of the crisis - adding that he has a serious duty to accept responsibility for what happened and is doing that.

Mr. Cowen stands over the State bank guarantee, saying that he had to put a stop to the billions of euro that were leaving the country. It is a move which left the taxpayer with a bill for €64 billion.

That decision is set to be probed by an Oireachtas banking inquiry which is something that the current Fianna Fáil leader Mícheál Martin has stated Mr. Cowen will take part in.

The full interview is set to air on September 5th.

Former Minister Éamon Ó'Cuív told Lunchtime here on Newstalk that all members of the former government are sorry.

Seperatly, the Junior Transport Minister says the claims by Mr. Cowen are bizarre and unbelievable. Alan Kelly says it raises more questions than answers.