Socialist Party TD Joe Higgins has warned there should never be another Joint Committee established under the current legislation.

The statement comes after Mr Higgins indicated yesterday that he would not be endorsing the draft report of the banking inquiry.

In a letter to the inquiry's chairman, Ciarán Lynch, Mr Higgins said the demands of the Houses of the Oireachtas Enquiries Act were revealed to be more and more absurd as the inquiry progressed.

Mr Higgins also confirmed that he was dissenting from the draft report and would publish analysis and conclusions from his own perspective after the report itself was published in January.

Mr Higgins said that since most committee members came from a party background that was committed to the present capitalist system they would arrive at conclusions that were fundamentally different to his own.  

He said, however, he would continue to play a full part in the remainder of the process. 

Speaking on RTÉ's Today with Sean O'Rourke, Mr Higgins said it was inevitable that different members of the inquiry were going to arrive at different conclusions.

He said the final report will reflect the ideological underpinning of the majority of the members.

Mr Higgins said he had always believed the most significant part would be the public hearings and it was good and necessary that central players to the bubble, crisis and crash could be brought in and questioned.

Social Democrat TD Stephen Donnelly told the programme that his sense was that the members of the committee were set up to fail, that the timing of the inquiry was wrong and that it should have taken place three or four years ago but instead was timed to coincide with a general election.

The inquiry has finalised its draft report and it will be sent for legal review, albeit without the executive summary, which has been dropped due to time constraints.

Members of the inquiry conceded that it was too political to get such a summary completed within the tight time constraints.

It will be replaced by what is being called a chairman's summary, which will act as an introduction to the 400-page report.

Speaking on RTÉ's Morning Ireland, Mr Lynch said he had already written the preface and it has been given the backing of the remaining committee members.

Two members of the inquiry – Mr Higgins and Sinn Féin's Pearse Doherty – have confirmed they could not sign off on the document.

Mr Lynch said that the preface will capture the main points of the inquiry in terms of the findings and the stages and processes to it. 

He said that he could not comment on any aspects of the report but he could give a general outline of what it will look like on publication.

The report should be returned from legal review this week, at which point a two-week consultation begins to any parties who may be related to the content of the report.

The committee will take on board and examine the consultation process. 

The report then enters a 21-day standing still period, so the committee will need to meet over the Christmas period to consider the final draft.

It will be brought before the Oireachtas in the last week in January. 

Fine Gael's Kieran O'Donnell has said he is satisfied the inquiry has produced the report, but feels the public hearings may be lost in the commentary.

Speaking on the same programme, Mr O'Donnell said it would have been nice to see a detailed executive summary but that the committee has filled its remit

He also said it would have been preferable if Mr Higgins and Mr Doherty signed off on the final report, but added their decision not to do so would not take away from the report's findings.

Report not about 'fitting opinion' of any particular party - McGrath

Fianna Fáil ‘s finance spokesperson said that there is always a risk of a legal challenge delaying the publication of the banking inquiry report but that the committee has done its part.

Michael McGrath said that the committee has been completely focused on its work and it is vital that the report is published.

He said there was great value in the public hearings but there is also a lot of documentation that the public should be made aware of.

"An enormous amount of work went into it and there are elements of that report and in particular in volume three of that report which, if they never see the light of day, I think it would be deeply regrettable and a disservice to the public if that happened.

"Volume three involves the publication of the evidence book essentially and they contain many vital documents that have never seen the light of day so far.

He said that the report is about identifying the truth and public service and not about fitting the opinion of any particular deputy or party into the report.