Following a discussion at the Government meeting on Wednesday, the Taoiseach and the Tánaiste are proposing, on behalf of the Fine Gael and Labour parties, that the Oireachtas Banking Inquiry would be established immediately.

It is proposed that:

– the inquiry be conducted under the Government’s recently enacted Oireachtas inquiries legislation

– that it be carried out by a dedicated Joint Oireachtas Committee to be established for that purpose

– that the Committee would be chaired by Deputy Ciaran Lynch.

As the establishment of the inquiry is a matter for the Oireachtas, the Government Chief Whip will now commence consultation with the other political parties on the proposed inquiry.

The Government parties hope that a motion to establish the inquiry will be before the Oireachtas next Tuesday.