Labour Party TD Pat Rabbitte has accused opposition parties of trying to “have it both ways” on the Commission of Investigation into the deals of the Irish Bank Resolution Corporation, by calling for a wider terms of reference but also a speedy report.

Mr Rabbitte told RTE's The Week In Politics the inquiry could not be “terminable by the caprice of a Minister. Whichever judge decides to do the job, he will do the job as we know, from previous experience, in accordance with how he will do it.”

He said the commission would get to the bottom of the claims, but added he did not believe for “a second” the rate of 1.25%, raised by Catherine Murphy in the Dáil, was the actual rate applied by IBRC.

Mr Rabbitte went onto claim: “I suspect that there a lot of people in the opposition who would prefer (the Commission) didn't report until after the election because a lot of it will be shown to be not substantial.”

However, Independent TD Róisín Shorthall said "the fear is that the Government will use the Commission as a mechanism for closing down any debate on this until a point after the general election. The Government has form in this regard and I believe the fears are legitimate.”

Mr Rabbitte claimed Ms Shorthall had supported tough decisions when a Labour junior minister, but was now critical of the party to “save her own skin”.

Ms Shorthall responded by saying: “I'm just not prepared to stand over the indefensible.”