A banking inquiry is now expected to be up and running by May - before the local and European elections.

The inquiry is also expected to proceed under a new Committee of the Oireachtas - and not the Public Accounts or Finances Committee as had been expected.

Government Chief Whip Paul Kehoe held a meeting with opposition whips tonight about rule changes in the operation of business in the Oireachtas.

Included are changes to allow for the establishment of a special committee to conduct the banking inquiry - known as the inquiries committee.

But new rules on bias will also exclude some members from taking part in the inquiry.

The size, make-up in the number of Government and opposition, whether it'll be a joint or Dáil only committee has yet to be decided.

Those details are likely to be brought to a meeting on the Committee on Procedures and Privileges tomorrow evening - and it is the C-P-P that the new committee will be answerable to.

This will end the debate once and for all whether Public Accounts or Finance get to conduct the long awaited inquiry - neither will.

Major legal advice has been sought that allows this inquiry go ahead despite pending court cases.