Public Accounts Committee chairman John McGuinness has said a review is needed into how warnings about the risk of a property crash were ignored.

Mr McGuinness was referring to a series of emails sent by a Department of Finance official between 2005 and 2007, warning about the risk of a property crash.

"You cannot have a public service that conceals relevant figures from its Government."

He said it is obvious that a review is needed into what happened.

The PAC chairman said the Dáil had clearly been misled in relation to the answers given to a number of questions.

"The Public Accounts Committee is the only Government body with a number of powers to investigate this type of activity."

A report from the PAC is due to be given to Government on this issue shortly.

Mr McGuinness said the Government would then need to decide what type of inquiry should be set up into the banking collapse and who should be brought before it.