The High Court will decide on Friday whether or not to lift an order which blocks RTÉ from reporting Denis O'Brien's banking arrangements with IBRC.

The State broadcaster has told the court that Mr O'Brien is holding a 'sword of Damocles' over the whole media, and RTÉ in particular - with an injunction which no other citizen has.

Lawyers for Mr O'Brien are opposed to discharging the injunction in full, but say they accept it should change.

Senior Counsel David Holland for RTÉ told the High Court that comments made in respect of Mr O'Brien’s banking arrangements made in the Dáil last night have rendered the injunction 'pointless' because all of the script it sought to publish was now in the public domain.

The court heard that Mr O'Brien was maintaining a 'Sword of Damocles' over the entire media, and RTÉ in particular, which no other citizen has in the ordinary way - with the sole effect of the injunction being the 'chilling' of the media.

Lawyers for Mr O'Brien say they accept that material is no longer confidential, but are opposing lifting the injunction because it covers other information relating to the businessman's dealings with IBRC in RTÉ's possession - which it has refused to identify.

Mr Justice Binchy says he will give his decision on the matter on Friday morning.