The Dáil has approved motions that will enable the banking inquiry to begin oral hearings in the next few weeks.
TDs were discussing a report from the Committee on Procedure and Privileges (CPP) on proposals for the banking inquiry.
Government Chief Whip Paul Kehoe said the CPP report must be debated before the inquiry can go ahead.
He said that four meetings of the CPP have taken place so far to discuss the issue.
Chaired by Ceann Comhairle Sean Barrett, the CPP considers that the inquiry should be conducted as a section 7 inquiry under the Houses of Oireachtas Inquiries, Privileges and Procedures Act 2013.
Fianna Fáil TD Seán Ó Fearghaíl told the Dáil that he feared the inquiry could be jettisoned half-way through its work if an early election is called.
He said this looks increasingly likely and his party believes that the inquiry model runs a risk of running an incomplete inquiry.
Mr Ó Fearghaíl said Fianna Fáil would co-operate fully with the inquiry.
However, he said it cannot focus solely on the night of the Bank Guarantee in 2008.
He said it needs to look at other factors, such as the lending culture.
Sinn Fein's Aengus Ó Snodaigh said that he is concerned about the delay in getting to this stage, as it is three years since the Government came into office.
He said the Government has 'fiddled and fumbled' when the banking inquiry should have been set up within its first year in office.
Independent TD Shane Ross said he has no objection in principal to a banking inquiry.
He said it could be necessary and very useful, but he has some serious reservations about this inquiry, its composition and terms of reference.
Mr Ross said there is serious credibility difficulties attached to politicians investigating politicians.
He said that it is flawed in that way and a pity that there is a Government majority on the committee.
The debate was concluded by Labour TD Ciaran Lynch, who will chair the inquiry.
Mr Lynch said the inquiry could make findings of fact and a key element was that it would be held in an open manner.
He said we still do not have a full picture of what happened in the run-up to, during and after the crisis.
Mr Lynch told TD presents that people would see evidence in public and they had waited a long time for the inquiry.
He said it was the first step to show the Irish parliament could conduct a fair and balanced inquiry.
