The terms of reference for the Commission of Investigation into transactions by IBRC have been published by the Department of Finance.
As previously stated, the commission will look at transactions where there was a loss of at least €10m to IBRC or transactions identified by the commission that give rise to public concern.
It will cover the period from 21 January 2009 to 7 February 2013, when the special liquidators to IBRC were appointed.
Opposition TDs had sought an extension of the timeline beyond February 2013.
The terms of reference state that the commission will exercise discretion in relation to the scope and intensity of the investigation.
Following consultation with opposition TDs, the terms of reference incorporate the role of the Department of Finance and Minister for Finance and his predecessor Brian Lenihan in relation to oversight of IBRC transactions.
The commission will look at the internal governance in IBRC in relation to the adherence of procedures and controls.
It will examine whether there is "prima facie evidence of material deficiencies" in the performance of those acting on behalf of IBRC, including board members, directors and management in relation to transactions.
It will look at the staff of the IBRC's wealth management unit, which was requested by Fianna Fáil.
The interest rates, extension of interest rates or period of repayments that were given by IBRC, which resulted in a loss of more than €4m in interest, will be examined.
Unusual share trading which would give rise to concerns of insider information being improperly provided will also be investigated in relation to the transactions.
The commission will also include claims made by Sinn Féin TD Pearse Doherty in the Dáil this evening.
It will report back by 31 December, although the Opposition had wanted it to complete its work by October.
It is estimated the investigation will cost €4m.
In a statement this evening the Department of Finance said "the Judge responsible for the Commission of Investigation will ultimately be responsible for deciding what specific transactions and decisions taken by IBRC can be examined within the terms of reference of the investigation."
The statement added: "However, as the Minister for Finance has outlined the revised terms of reference, transactions that were contracted by IBRC in the first instance but not executed until after the liquidation of the bank can be examined as part of the review."
The Government had to agree the remit of the inquiry ahead of a Dáil debate that got under way this evening.
Independent TD Catherine Murphy welcomed the establishment of the Commission of Investigation but said she has some concerns about some of the terms of reference.
She told the Dáil that a chilling effect on Irish public discourse had been highlighted by events of the last few weeks and welcomed the clarity from the High Court that allowed media outlets to publish or broadcast what she had said.
Fianna Fáil leader Micheál Martin said he wanted clarity that the overall relationship between the wealth management unit and the bank proper would be covered by the investigation.
He said the Government approach to the issue was to withhold information and to go into hiding to avoid answering questions.
He said the evidence was the Government is willing to assist in reducing accountability and support a greater concentration of media and business power that we have ever seen.
Minister for Jobs, Enterprise and Innovation Richard Bruton said it was hard to listen to Fianna Fáil berating the lack of supervision and it had been left to Minister Michael Noonan to unwind IBRC.
He said the terms of reference were strong and said it is a "full and open inquiry".
