Terms of reference for IBRC investigation published

The terms of reference for the Commission of Investigation into IBRC have been published.

The government will give the inquiry a €4m budget and said that it will issue its final report by the end of December.

The inquiry has been expanded to examine whether the Minister for Finance or his Department were aware of any deal to write down debts, or give customers a favourable interest rate, and what they did with any information they were given.

The Commission will also be allowed to look at any deal on interest rates which raises public concern, and any obvious deficiencies on the part of the bank's Wealth Management Unit.

A debate on the terms of reference will begin in the Dail just after 5pm.

Meanwhile the Taoiseach has defended not recalling the Dáil last Friday week when the media appeared to be silenced over the comments made by Independent TD Catherine Murphy in the Dáil.

She had outlined claims about interest rates allegedly given to businessman Denis O'Brien, but many media outlets felt the comments could not be reported because of a High Court injunction.

Enda Kenny said that a recall of the Dáil would not have been helpful.

"This House could have met on the Sunday, Monday and Tuesday, and talked itself around in circles, it had no authority and no function in interfering with the court case," said the Taoiseach.

"Had I made any comment either side could have used those comments in the intervening period until the judge clarified the intent of the injunction that he gave."