The inquiry into the Irish Bank Resolution Corporation will be entitled to examine the role of Minister for Finance Michael Noonan in transactions by the bank.

The final terms of reference, published this afternoon, allow for the investigation of “whether the Minister for Finance or his department was kept informed” of transactions.

The inquiry will examine “whether he, or officials on his behalf, took appropriate steps in respect of the information provided to them”.

The commission will also now report to the Department of the Taoiseach, rather than the Department of Finance, and its deadline remains at December 31st, 2015.

The Cabinet this morning finalised the terms of reference for the commission of investigation into the IBRC, and they have been published on the Department of the Finance website.

Retired High Court judge Iarfliath O'Neill, who had been expected to head up the inquiry, will now not do so.

It is understood the Attorney General is attempting to find another judge.

The previous thresholds of allowing for the examination of transactions which resulted in a loss of at least €10 million to the taxpayer remain, but the inquiry will have discretion to examine any other transactions it sees fit.

It will also question whether the “appropriate internal IBRC governance procedures and controls were adhered to in respect of the transactions under review and whether the said procedures and controls were fit for purpose”.

A Fianna Fáil request to have the wealth management unit of the IBRC included has been granted and the commission will also examine whether favourable interest rates were granted by the IBRC to large borrowers.

A Department of Finance statement said the inquiry will also examine if “improper favourable treatment was given to any persons involved in...transactions to the detriment of IBRC”.

“The establishment of a commission of investigation will also facilitate a broader scope of inquiry and will enable the interview of witnesses and the investigation of matters, such as the trading of shares, which cannot adequately be investigated based only on a review of files held by IBRC.”

It has been reported that share activity surged in utilities company Siteserv prior to its sale by the IBRC to a company owned by businessman Denis O'Brien at a loss of €119 million to the taxpayer.

The revised terms of reference say that “in respect of any transaction under investigation, any unusual share trading occurred which would give rise to an inference that inside information was improperly provided to or used”.

In cases were such inferences arise, it will also be assessed whether “any such information was actually improperly provided”.