The Banking Inquiry is to hold an emergency meeting today - amid threats of legal action which would force it to collapse.

The inquiry has received legal letters from two developers who object to certain parts of its final report.

The Dáil's due back from its Christmas break today with over five hours of debate on the flooding crisis.

But a more significant meeting may take place behind closed doors - amid fears that the Banking Inquiry's final report is facing another new hurdle.

The inquiry has received letters from two developers, Johnny Ronan and Michael O'Flynn, who object to certain parts of the inquiry's draft report.

Both have already been rebuffed in their requests for changes, and each is threatening legal action if certain sections aren't removed. Mr Ronan's objection relates to testimony by NAMA, while Mr O'Flynn objects to references to his political donations.

The inquiry is reluctant to make any further changes to its report - but if it doesn't, any legal action would almost certainly cause a delay that forces it to miss its final deadline of January 28.

If that deadline is missed, the Taoiseach is unlikely to grant a further extension - as he's expected to dissolve the Dáil and call the election the following week.