The Oireachtas banking inquiry has been told it cannot inquire into the Cabinet meeting which led to the introduction of the bank guarantee.

The committee has been told that Cabinet confidentiality protects any discussions leading to the ill-fated guarantee.

However, the committee will have the power to obtain any paperwork which helped ministers to reach their decision.

Meanwhile, the committee investigating the banking crisis has given itself until the end of next year to issue its final report.