New law clears way for bank guarantee investigation

Laws to allow an inquiry into Ireland's banking collapse have been passed today.

The Seanad has signed off on legislation giving the Oireachtas new powers to hold public investigations.

It is expected that arrangements for an inquiry into the bank guarantee will begin in the autumn.

Minister Brendan Howlin says the Bill does as much as possible without requiring another referendum to give the Oireachtas more powers.

"The people, in their wisdom, determined to constrain the powers of the Oireachtas in that regard," he said.

"So this Bill is crafted entirely within the constraints of the constitution, but not withstanding that I believe it is a very robust, over-arching piece of legislation."