The Government should consider investigating how ministers and senior civil servants handled the banking collapse, it has been claimed.
Politicians examining state response to the 2008 meltdown said Ireland could learn a lot from the way Icelandic authorities looked into the crippling financial collapse.
The Dail Public Accounts Committee (PAC) said there were striking similarities between the turmoil in the two nations.
Bernard Allen, PAC chairman, said Icelandic authorities had been determined to get to the root cause of the crisis.
"I believe that our own pending commission of inquiry should consider the template used in Iceland," he said.
"Our commission of investigation does not seem to include management by Government Ministers and State officials into the collapse in its terms of reference.
"Based on what we saw in Iceland this is something which may be worth exploring."
Mr Allen added: "There seems to be a determination to address the issues that caused the collapse including the issue of personal culpability on part of those who contributed to the predicament."
Iceland's state inquiry into the banking collapse issued a damning verdict of corruption and regulatory negligence.
It named and shamed senior figures for mistakes including David Oddsson, chairman of Iceland's central bank at the time of the crash, and former prime minister Geir Haarde.