Laws to allow an inquiry into the Irish banking collapse have been sent to the President to be signed into law. A Bill to give new powers to the Oireachtas for holding public inquiries has passed the Seanad.

It is expected that arrangements for an inquiry into the banking guarantee will begin in the autumn. Legislation to allow for a banking inquiry was passed by the Dáil earlier this month by 123 votes to 11.

However the government blocked proposals from opposition TDs which they said would have ensured the independence of the Bill.

The Finance Minister has said he would write to all bailed-out banks and order the preservation of any taped phone calls in the run-up to the bank guarantee in 2008.

The Taoiseach also confirmed to the Dáil that recordings similar to the leaked so-called 'Anglo Tapes' do exist in other financial institutions.

Michael Noonan also confirmed that the 'Anglo Tapes' were given to the Financial Regulator in 2009 but that an inquiry was suspended pending possible criminal prosecutions.

Minister Brendan Howlin says the Bill will help the Oireachtas to prove it can act effectively.