The government has agreed to set up the Oireachtas banking inquiry immediately. But the Taoiseach has said it will be months before the inquiry is up and running, and begins public hearings.

He says the members of the new committee being set up to carry out the inquiry will have to work "incredibly hard".

And he has said the failures of previous governments will be central to the work of the inquiry.

The government Chief Whip Paul Kehoe will move the motion in the Dáil on Tuesday. A new committee, comprised of both TDs and Senators, will be set up to handle the inquiry.

The Chairman of the Oireachtas Finance Committee, Ciarán Lynch of Labour, will also chair the new inquiry.

On Newstalk Lunchtime, he refused to be drawn on what individuals should appear, but Deputy Lynch does not think those invited will need to be compelled.