The authorities in Cyprus have launched an investigation into the banking practices in the country that apparently led to the collapse of the country’s entire banking sector.

The investigations were launched following a committee of inquiry said that it was unable to probe issues that are still pending in the court. The committee was appointed three months ago but was unable to complete its probe as the matter is in the judicial courts. The country’s government has now decided that the public inquiry into the banking system can continue along with an criminal investigation in the sector.

Justice Minister Ionas Nicolaou said that the issue of not being able to investigate matters that are in the courts can be addressed by having a parallel investigation by criminal investigators. Attorney General Petros Klerides has said that the criminal investigations will focus on offences between 2006 and 2013 by people who were behind the economic crisis.

The authorities in Cyprus had recently reached a deal for a 10 billion-euro bailout package with its creditors just in time to avoid a devastating disorderly default on payments. As the government reached a deal to avoid the default, investors expressed their confidence in the banking sector. The authorities have agreed to shut down the second-biggest bank in Cyprus, the Cyprus Popular Bank.