Fianna Fáil have accused the government of using the banking inquiry as a political tactic.

The party, who were in power at the time of the banking collapse, say they will fully co-operate with any investigation into the 2008 blanket bank guarantee but say politicians should not be involved in the process.

The long-awaited banking inquiry will look into the state's decision to guarantee Ireland's six main banks - including Anglo Irish Bank - €440 billion worth of credit in the event of collapse.

According to the Irish Independent, the inquiry could have access to the Anglo Tapes revealed earlier this year, as well as other recordings from AIB, Bank of Ireland and TSB.

However, it will not extend to the decisions made in relation to banking policy by the current government. 

The inquiry is set to be carried out by the Oireachtas Finance Committee, which will have no legal powers to force bankers or others involved to co-operate.

Fianna Fáil party spokesperson for jobs Dara Calleary says the inquiry should be a legal one rather than a political one: