It has been revealed that the Oireachtas banking inquiry will consist of eight other Oireachtas members, under chairmanship of Ciarán Lynch.

Kieran O'Donnell (FG), John Paul Phelan (PG), Eoghan Murphy (FG), Michael McGrath (FF), Pearse Doherty (SF) and Stephen Donnelly (Ind) are among those that will sit on the committee.

There are also spaces for two members of the Seanad to be on the committee. It is likely that will consist of one from the government and one from the opposition.

Newstalk's Political Editor Shane Coleman gave more details to Lunchtime.

Last month, the Taoiseach said it would be months before the inquiry is up and running, and begins public hearings.

He said 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.