The Labour Party has published a Private Members’ Bill that would restore the rights of parliamentary committees to hold inquiries into matters of public concern.
The Committee of the Houses of the Oireachtas (Powers of Inquiry) Bill is designed to address “defects in current legislation governing powers of the Dáil and Seanad”, the party said.
Labour’s justice spokesman, Pat Rabbitte, said there is now "a compelling case" for an Oireachtas inquiry into the banking crisis.
A Supreme Court ruling in 2002 halted an investigation by the Joint Oireachtas Sub-Committee on Justice, Equality, Defence and Women’s Rights into the death of John Carty at Abbeylara, Co Longford.
In its ruling, the Supreme Court said the sub-committee lacked the powers to make findings that would hold non-office holders or ordinary individuals responsible for the acts or behaviour under investigation.
“It is now widely agreed that, arising from the Abbeylara judgment, changes in the law are desirable if the Oireachtas is to be allowed to establish a Dirt style inquiry the circumstances that led to the banking crisis,” the Labour Party said.
Mr Rabbitte insisted it is essential part of any parliament “that it has the power to inquire into matters of public interest”.
“The Abbeylara judgment identified a defect in our law and it is the correction of that defect that is the purpose of the bill,” he said.
Speaking on RTÉ Radio's Morning Ireland programme, Mr Rabbitte claimed: "The Government has been very happy to put the word out there that inquiry by parliamentary committee is no longer feasible".
The party also plans to table a separate Dáil motion calling for the establishment of an inquiry into the banking collapse.
Mr Rabbitte said such an inquiry would not be established to examine the question of criminal liability but to investigate how “one small bank was allowed to infect the banking system”.
