The Dáil's Public Accounts Committee says it has agreed in principle to conduct an inquiry into the financial collapse that led to the banking crisis.
The committee said that, after legal advice, it had been established that it had has the power to carry out such an investigation. The PAC said it could examine and report on the actions of specified public bodies such as the Financial Regulator, the Central Bank and the Department of Finance.
The PAC will now draw up terms of reference for an inquiry, which can establish facts but cannot make findings. That report will then be presented to the Dáil for debate.
"We are at a very preliminary stage in dealing with this matter and any inquiry will have to follow a strict and rigid framework and specific terms of reference," said chairman John McGuinness.
He said the next step was to draw up terms of reference and have them "legally stress-tested".
