Details of Banking Inquiry agreed

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Details into the Banking Inquiry have been agreed today. Photo: PA Wire

After a very rocky start that nearly killed it off before it could begin, ITV News understands the details of the Banking Inquiry led by Parliament have been agreed.

A motion establishing it will go on the Commons order paper today with a vote on it due next week.

The Inquiry will be led by the independent- minded Conservative MP Andrew Tyrie (the Tyrie Inquiry).

The other MPs on it are: Conservative Mark Garnier, Labour MPs Pat Mcfadden and Andy Love and Lib Dem John Thurso.

Former Barclays chief executive Bob Diamond arrives to give evidence to the Treasury Select Committee. Credit: PA Wire

All of those are on the Treasury Select Committee which is currently grilling some of the bankers. After a poor start questioning Bob Diamond, they had a much better time getting answers from the Chairman of Barclays Marcus Agius.

There will be some surprise that two of the most effective inquisitors Andrea Leadsom and John Mann aren't on it.

The inquiry will sit during the summer so there was an issue of timing for some MPs who wanted to be on it. Though it's not clear if this was an issue for all of those who didn't make it onto the Inquiry.

A number of peers will also be on the committee.

Will the bankers be quaking at the thought of having to appear before them? The Inquiry has a lot to prove as the public expect bankers to be held to account.

UPDATE: The Labour MP John Mann has tweeted that both he and Andrea Leadsom were available but were "too outspoken on banking" and that the Inquiry is "a total joke." He adds for good measure:

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Tyrie had already reached his conclusions before he whitewashed libor scandal

The motion on the order paper setting up the Inquiry is signed by the Prime Minister, Chancellor, and Ed Miliband and Ed Balls so as one source put it "unhappy MPs can take it up with their party leaders."

John Mann believes the Inquiry won't do anything. Oh dear, not a good start. And I'm hearing a Bishop is also set to be on the Inquiry. Surely they're supposed to be making bankers pay not pray...

Labour MP John Mann has angrily responded to his exclusion at the Banking Inquiry. Credit: John Stillwell/PA Wire

UPDATE: The terms for setting up the Inquiry makes clear it will report by the 18th December so it will be a quick Inquiry. It will also be able to question witnesses on oath and appoint a barrister to examine witnesses.

There is obviously some concern that probing MPs have been left off (John Mann is now calling it a whitewash and says he'll set up his own inquiry.) John Mann, Andrea Leadsom and Teresa Pearce did have a good session last week yet miss out on a spot on the Inquiry.

So there is an issue it could lack bite. But the appointment of a Robert Jay style QC could sharpen things up. Will Mr Jay be free from Leveson by then?