The findings of the two High Court Inspectors appointed to investigate National Irish Bank in 1998 have been published.
The report is critical of the conduct of 19 NIB executives in relation to their knowledge of and responsibility for improper practices at the bank.
Those named include former Chief Executive Jim Lacey, former Executive Director Barry Seymour and former Chief Operating Officer Philip Halpin.
A number of former financial services managers with the bank, including Beverley Flynn, are also named.
The report also makes adverse comment on the country's largest firm of accountants, KPMG.
As to the bank's operations, the inspectors found that:
* bogus non-resident accounts and fictitiously named accounts were opened and maintained, allowing customers to evade tax.
* CMI policies were promoted as secure investment for funds not disclosed to the Revenue Commissioners.
* Special Savings Accounts had DIRT deducted at a reduced rate.
* there was improper charging of both interest and fees to customers.
The six-year investigation, set up by the High Court, appointed inspectors Tom Grace and John Blayney following an application in 1998 by the Minister for Enterprise, Trade and Employment, Mary Harney.
Report welcomed
Director of Corporate Enforcement Paul Appleby welcomed the inspectors' 'clear findings of misconduct' in the 1988 to 1998 period with respect to NIB's and NIB Financial Services' participation in arrangements which assisted their customers in defrauding the State of its tax income.
Mr Appleby said the findings largely confirmed the thrust of the allegations made against NIB in 1998. But he said the report was 'deeply disturbing in revealing the extent to which illegality and bad practice was tolerated and to some extent encouraged within the organisation between 1988 and 1998'.
NIB apologises
Reacting to the report, National Irish Bank has said it accepts past failings.
In a statement, Chief Executive Don Price said the bank acknowledged it had failed customers and apologised to everyone affected.
The full report is on the website of the office of the Director of Corporate Enforcement. Click here to go to it.
