Members of the Oireachtas Banking inquiry met today to discuss the recommendations of an advisory group into the banking inquiry.
In its final report, the advisory group described the inquiry's timescale as "extremely challenging."
The group has recommended that the inquiry should examine the period starting from the beginning of 1992 up to the end of 2013.
But it is not recommending an examination of all of the events during this period.
It said the inquiry should focus on core issues including what happened in the banks, the lead-up to the bank guarantee, the decision itself and the consequences.
The Chair of the Oireachtas Banking Inquiry said this morning that the probe could be up and running by some time around the Budget period.
Ciarán Lynch said the committee's meeting this morning would facilitate the finalising of the terms of reference and getting the inquiry plan ready, which would then go to the Dáil Committee on Privileges and Procedures.
The Labour TD said he hoped this would happen within the next week or so.
Mr Lynch said the aims of the inquiry should be realistic and achievable, and should be capable of completion within a realistic timeframe, taking account of the lifetime of the current Dáil and Seanad in doing so.
He said there was a core question at the centre of the inquiry which needed to be answered, which was the question of whether the banks were in need of liquidity or insolvency.
Minister for Finance Michael Noonan has said there should be enough time to conduct the banking inquiry before the next election "if they get their ducks in a row, and move on with this".
Mr Noonan said there is quite a long time before the election in Spring 2016.
Asked if he would encourage the former president of the ECB Jean-Claude Trichet to attend the inquiry, he said he is not in a position to encourage or discourage and it is a matter for chairman Ciaran Lynch and the committee.
But he added that for an "efficient inquiry" they obviously need to hear from everyone directly involved.
Meanwhile, the Minister for Public Expenditure Brendan Howlin has said the timetable for the inquiry is achievable but it will be demanding and requires co-operation.
The minister said he hoped all involved will co-operate as it is in the national interest.
And the Minister for Agriculture and Defence, Simon Coveney, has said he believes it is possible to conclude the Banking Inquiry before the next General Election.
The minister said the timetable is going to be difficult as it is a complex job and needs to be done in an non-partisan way, but he said it is "doable".
