The Minister of the Marine, Mr Ahern, is to review the safety regulations for small pleasure and commercial boats.
Licencing and regulation of the sector will be closely examined, the Minister has said. All parties, including the public, will be consulted.
There is no timeframe on the review, which a Department spokesperson said is intended to be a broad as possible.
The move follows the death of five people in Fethard-on-Sea two weeks ago. Three generations of the same family died in the sinking. There was one life-jacket on board the Pisces, which had ten passengers.
"I will be looking closely at current requirements and legislation to see what possible improvements can be made. In particular I want to focus on areas such as licensing, enforcement and increased public awareness," Mr Ahern said.
There is no legal requirement for paying passengers on sea angling vessels to wear life-jackets. However, new legislation due next June will mean all angling boats must have life-jackets, life-rafts and fire-fighting equipment on board to meet safety regulations laid down by the Department of the Marine.
At the moment, privately owned and operated pleasure boats must have a life-jacket for everyone on board.
Supt Tom Saunderson,from New Ross Garda Station, who is leading the investigation into the Piscessaid the inquiry was not yet complete. He said the details of a report by the recently established Marine Casualty Investigation Board would also be considered when it is finished.
Eighty-six people drowned accidentally in 2001, eclipsing the annual average of 67. Eleven of these involved leisure boating activities.
So far this year the Shannon-based helicopter has carried out 86 search-and-rescue missions, helping 55 people. The Dublin-based service ran 56 operations, helping 51 people. Since the start of the year the Waterford-based service has been called out nine times.