The Taoiseach has confirmed that legislation is to be drafted urgently to enhance the powers of the Commission of Investigation into the IBRC.

The move will also fast track the investigation into the controversial sale of Siteserv to a Company controlled by the businessman Denis O’Brien.

It will now be looked at ahead of dozens more transactions where the loss to the taxpayer was over €10m.

Enda Kenny has said Cabinet agreed this course of action this morning: “What we discussed was to draft legislation, to allow for this in modular form.

“To have terms of reference for it to allow for an investigation into the Siteserv issue which is a matter of public concern raised here on many occasions.

“But that it would allow for future modules to be inserted into that if necessary.”