The Taoiseach says the judge leading the inquiry into IBRC will produce a report at the end of the year - whether his work is finished or not.

Enda Kenny was speaking as the Dáil approved the Terms of Reference for the Commission of Investigation which is due to report back by December.

The Dáil voted 119-20 in favour of setting up the IBRC inquiry, with Fianna Fáil and most independents backing the government, and Sinn Féin opposing.

Retired High Court judge Daniel O'Keeffe, who is also a trained accountant, has been named as the chairman of the inquiry.

Speaking in Brussels this evening the Taoiseach said it is always possible for the deadline to be missed - but that he will get a progress report in December if the inquiry is not finished:

Enda Kenny has also said the new Commission of Investigation into IBRC will not be affected by Fine Gael's association with Denis O'Brien.

He said the inquiry established this evening will have full independence and do a thorough job, and any political connections, past or present, will not influence the inquiry:

Judge Daniel O'Keeffe is the current chair of the Standards in Public Office Commission (SIPO).

The Government comfortably won the first Dáil vote to establish the inquiry.

TDs voted down a Sinn Féin amendment, calling for wider terms of reference, by 103 votes to 32.

Finance Minister Michael Noonan confirmed that the inquiry will be chaired by Judge O'Keefe:

Meanwhile, Mr Noonan has assured the Dáil that fresh claims about the loans of businessman Denis O'Brien made in the Dáil last night by Sinn Féin TD Pearse Doherty are included in the inquiry, after fresh advice from the Attorney-General.

Mr Doherty claimed IBRC special liquidators agreed a loan facility of €315m with Mr O'Brien - after three earlier renegotiation attempts were rejected.

While Jobs Minister Richard Bruton told Newstalk Breakfast earlier that the cut-off point for the inquiry of February 2013 is flexible.