Members of the Oireachtas banking inquiry who miss even one session where a witness is giving evidence can be removed from the committee.

The inquiry was formally established this week and the measure is part of new rules passed by the Dáil.

It will begin hearings next month - with the first sessions to focus on the context for the banking crash.

It will hear from experts who have written reports on the issue.

The Irish Times reports the inquiry will sit every Wednesday and Thursday, with the frequency to increase after next March.