Newly elected President Anastasiades has had a torrid start to his election victory. However, during frantic negotiations with the EU, he did say that there would be an inquiry into how this disaster came about.
Now this intention has been formalised by the setting up of an inquiry, the range of which will be wide, covering decisions, both political and financial made by politicians, bank boards and regulators.
The commission will be led by three former Supreme Court judges.
Since the spotlight is now turned on various notables from the previous administration, matters could escalate and more heads will roll.
Currently, Central Bank Governor Panicos Demetriades, is under fire by parliament who want pass a motion asking the President to sack him.
Mr Demetriades got his appointment last May and had already been criticised by Anastasiades for not sounding an earlier warning about the state of the banking system.