The initiation of a banking inquiry is a matter for the Houses of the Oireachtas to determine. Under the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013, authority rests with the Houses of the Oireachtas in determining the requirement for a formal inquiry, the terms of reference of an inquiry, the appropriate committee to conduct an inquiry and the procedural and organisational aspects of an inquiry. This Act provides a statutory framework to assist the Houses of the Oireachtas in conducting inquiries into matters of public importance in an effective and efficient manner within current constitutional parameters. Detailed arrangements and procedures to be followed are to be laid down in Rules and Standing Orders.