The Banking Inquiry has agreed to write up a new draft report - which will be up to two-thirds shorter than the original.
Members at a private meeting this evening have agreed to draft the new report by Thursday of next week, two days behind the original plans.
But the new report will only between 250 and 300 pages long - compared to the 750 pages that were originally planned.
The original report had to be thrown out after members complained about the drafting process - something that Sinn Féin's Pearse Doherty admits should have been sorted sooner.
“In hindsight we should have done stuff differently,” he said.
“We always knew that we were under huge pressure in terms of time frame. I believe that the delay in setting up this inquiry by the government – that actually put a huge, huge problem and a huge risk to the banking inquiry itself,” he added.
Mr Doherty has described the current situation as a “rescue operation”.
“It’s about can we get something out there that satisfies the term of reference that we’ve got,” he said.
Whatever the inquiry does produce however will not touch “all the bases that we would have liked to,” Mr Doherty said.
Meanwhile, Fianna Fáil’s Michael McGrath, a member of the banking inquiry, has predicted that the situation can be salvaged.
Speaking before today’s meeting he said: “I think there is a collective determination among the committee members to agree a final report. As we read out way through the draft document last week there was an emerging view among the members that a considerable amount of work was required to reach agreement.”