The Oireachtas banking inquiry has been told it CAN'T inquire into the cabinet meeting which approved the bank guarantee.

The committee's been told that the meeting is subject to cabinet confidentiality which it doesn't have the power to overturn.

The committee has given itself until November 2015 to issue its final report into the banking collapse.

It's been told that it WILL have the power to seek cabinet documents, but WON'T have the power to investigate the actual cabinet meeting which agreed to the bank guarantee.

Committee chairman Ciaran Lynch says he doesn't see that as a major hindrance:

Sinn Féin also says it's happy as long as the paperwork is available, but Fianna Fáil says it's deeply disappointed.

Finance spokesman Michael McGrath says a Leveson-style tribunal WOULD have had the legal powers:

The inquiry's likely to cost €5m - which Deputy Lynch is good value for money compared to the cost of the guarantee.