Cabinet briefed on banking crisis reports

The Cabinet has been briefed on the contents of two reports into the banking crisis, which are understood to heavily criticise Brian Cowen's budgets during the boom.

The reports from Central Bank Governor Patrick Honohan and international experts Klaus Regling and Max Watson were handed to the Finance Minister Brian Lenihan last week.

They will form the basis for the Commission of Investigation into the banking crisis which will be held over the next six months.

However they are understood to go further than had been expected, with Mr Cowen's pre-election budgets singled out as having fuelled the property bubble, and the country's lax banking regulations also coming under fire.

They are also set to question the bank guarantee scheme and whether all debt should have been included.

The reports are likely to be published in the coming days before being discussed at an Oireachtas Committee. Meanwhile the Government will also draw up the terms of reference for the banking inquiry.

Labour leader Eamon Gilmore however this evening criticised the delay in bringing the reports' findings into the public domain, saying it was a stalling tactic by Fianna Fáil.

"These reports need to be published," Deputy Gilmore said.