A special Cabinet meeting held to consider two reports into the banking crisis, which are understood to be critical of the regulatory authorities and of Government budgetary strategy, has concluded after three hours.
It is expected that the reports will be published tomorrow, although no time has been specified as yet.
The reports into the banking crisis were drawn up by Central Bank Governor Patrick Honohan and by international banking experts Klaus Reglin and Max Watson.
They will form the basis for an inquiry that will be established by the end of this month and report by the end of the year.
It is expected the reports will be severely critical of the role of the Central Bank and of the Financial Regulator in overseeing the financial system.
It is understood that there will also be criticism of the Government's budgetary strategy in the run-up to the crisis, as well as questions about the blanket guarantee of the banks liabilities put in place in September 2008, and whether subordinated debt should have been included.
The Labour Party has said Taoiseach Brian Cowen's reaction to the reports will reveal a lot about his capacity to be a national rather than just a party leader.
Finance Spokesperson Joan Burton claimed that the Taoiseach has to date been 'defensive' about his policies and actions as Minister for Finance.
She said that if he maintains that posture, 'it will mean he is unable to learn the lessons of past mistakes and is unworthy of office as Taoiseach'.
