It would take 600 working days for a reviewer to manually go through all the documents in possession of the Central Bank that could be relevant to its investigation into the Irish Nationwide Building Society. 

The Central Bank inquiry into the INBS has been told that a computerised system will be used to shorten the process significantly, resulting in the documents being ready by September.

Five former directors and senior management of INBS are accused of regulatory breaches between August 2004 and September 2008, the month of the bank guarantee.

The inquiry was established in July 2016 following an investigation by the Central Bank into INBS stretching back to 2010.

Today, an Inquiry Management Meeting is being held in public to discuss how relevant documents are being identified and when they can be made available to the inquiry. 

Andy Harbison, Director of Forensic Investigations with Grant Thornton, told the inquiry that there are 300,000 unique family documents held by the Central Bank which will need to be moved to a secondary platform to be reviewed. 

He said it would take someone approximately 600 days to do this, so a system of "machine learning" will be needed.  

TAR, Technology Assisted Review, will be used. 

Essentially a computer will be trained to identify relevant documents and then a reviewer can go through the highlighted documents.

Counsel for the Central Bank's Enforcement Team, Remy Farrell, said TAR would appear to be more consistent and accurate than a human-led review. 

He said not only was it more proportionate but a preferable way of dealing with the documents. 

Mr Farrell said in another category 28,000 documents were initially highlighted but that has been wittled down to 14,000.

He said he believed all the documents should be ready to be handed into the inquiry on 8 September. 

The former head of INBS, Michael Fingleton, has told the inquiry that he did not get enough notice to attend today's public hearings. 

Mr Fingleton phoned the inquiry to say he would have liked to attend today, but two weeks notice was not enough. 

None of the five senior INBS officials being investigated are in attendance today.