Speaking in the aftermath of the controversial Spotlight programme - which claimed Mr Robinson knew about her financial dealings but did not tell the proper authorities despite being being obliged by the ministerial code to act in the public interest at all times - the DUP MLA said Mr. Robinson had "the confidence of his party."

However, he added: "Peter himself has said that he wants to put his own credibility on the line in the manner in which he has done by setting up this investigation which, in some respects, is a very brave thing to do.

"He has asked for a week to resolve those issues, respond to them and refute them. I think we should allow him that week and, hopefully, we then move on in a week's time."

Meanwhile, SDLP leader Mark Durkan says the position of the First Minister is now questionable following the allegations.

He said: "Following the broadcast of the BBC Northern Ireland Spotlight programme, it is clear that Iris Robinson should stand down from her public roles forthwith. "However, serious questions must now be asked of Peter Robinson and it will be up to him to now prove that the issues raised do not affect his ability or suitability to carry out his public office.

"If Peter Robinson is to be brave, it is imperative that he calls for proper investigations to take place. Otherwise it would appear his position as First Minister is questionable."The Foyle MLA continued: "There are serious political issues that the public need addressed and it is all our responsibility as politicians to ensure that the events of the past few days do not cause any further distraction or delay getting on with good public business."

Deputy First Minister Martin McGuinness said he was "shocked" by what he watched on the Spotlight programme and said he wanted to discuss specifically the financial issues raised and the implications it has for the Office of First and Deputy First Minister.