Cabinet confidentiality rules out bank guarantee probe

The Oireachtas banking inquiry has been advised it cannot investigate the dramatic, late-night ministerial talks which approved the infamous bank guarantee, because they are covered by Cabinet confidentiality.

The committee heard that the minutes of the 30-minute meeting and what former taoiseach Brian Cowen discussed with his ministers are off-limits, but documents and advice leading up to and after the Cabinet talks can be discussed.

Members were also told the cost of the Oireachtas inquiry could reach €5.2m, when staffing, legal and set-up costs are included.