The Nyberg Report refers to bankers who forgot what lending was about, boards who did not understand their responsibilities and national authorities who underestimated the extent of the risks being taken, the Minister for Finance has told the Dáil.
Michael Noonan said it was also the story of an inept government that fuelled the trends instead of restraining them.
Mr Noonan's predecessor and Fianna Fáil Finance Spokesperson, Brian Lenihan, said the Nyberg Report was damning about the former Financial Regulator and the Central Bank.
Mr Lenihan said the regulator seemed to rely on the banks themselves to make the best decisions.
Sinn Féin's Finance Spokesperson Pearse Doherty said the report exposed shortcomings in the risk assessment capabilities of the banks.
He said the report shows the behaviour of bankers and regulators has the power to cause significant damage to the economy.
Minister for Social Protection Joan Burton said the report skated too lightly over the responsibilities of the European Central Bank in relation to the supply of credit to the banks.
She said the primary responsibility lay with Ireland and the greedy institutions that drove the bubble, but there was also a responsibility in the ECB for the supply of credit.
Earlier, Fianna Fáil leader Micheál Martin said that in the wake of the Nyberg Report, an Oireachtas Committee should be set up to oversee the different regulatory bodies.
Mr Martin said the report highlighted the systemic failures in the system and said an oversight committee should be established to make sure the same mistakes are not made again.
Separately, the 200,000 documents collected by the Nyberg Commission of Investigation will be kept on a computer server for 30 years.
The contents - mostly emails and internal bank documents - will remain confidential.
The only organisation that can access them will be a future tribunal into banking, if one is ever set up.
