The Banking inquiry has accepted the direction of the DPP and agreed not to publish the written statement of former Anglo Irish Bank chief executive David Drumm.

However the committee said it would seek further advice from its own legal team on the matter.

The Director of Public Prosecutions phoned the inquiry early on Wednesday morning to raise objections to the statement being published by the Oireachtas Banking Inquiry at 6.30pm, the time Mr Drumm was due to appear.

It is understood the committee has sought written clarification of the DPP’s objections, which are thought to revolve around the potential for Mr Drumm’s statement to prejudice various criminal proceedings involving Anglo Irish Bank.

At a private meeting on Wednesday morning members expressed frustration at the late intervention of the DPP.

The committee had sought advice from the office in relation to Mr Drumm’s proposal that he give evidence by video link, and members say no concern was raised about the publication of the statement.

The clarifications being sought are thought to revolve around whether all of the statement should be withheld in full or have parts redacted.

Mr Drumm has refused return to Ireland to answer questions from gardaí in relation to Anglo and the State is seeking his extradition.

The 11-person inquiry on Tuesday night decided against hearing Mr Drumm’s evidence by video link but decided to admit his written statement into evidence.

Mr Drumm’s statement is thought to contradict evidence by former taoiseach Brian Cowen in relation to a dinner the former taoiseach attended with the board of the bank on April 24th, 2008.

Mr Cowen told the committee no business was discussed and it was a purely social occasion.

Mr Drumm claimed in his statement that bank funding issues were discussed between the two, and in particular the decision by the National Treasury Management Agency not to place funds on deposit with Anglo at that time.