The judge who presided over the trial of two men found guilty of conspiring to swindle AIB and Bank of Scotland has criticised the banks for their controls.
The two - Achilleas Kallakis and Alexander Williams, both 44 and from London - were jailed for seven years and five respectively.
They tried to defraud AIB out of £740m sterling and Bank of Scotland of £22m between August 2003 and November 2008.
The offences were carried out over five years and funded property and luxury yacht scams.
At Southwark Crown Court, Judge Andrew Goymer said the banks bore some responsibility because of their poor checks.
"The two banks, Allied Irish Banks and Bank of Scotland, have undoubtedly acted carelessly and imprudently by failing to make full enquiries before advancing the money," Judge Goymer said, delivering his sentence.
"While I do not equate the position of the banks with that of a householder or car owner who forgets to secure his house or car and becomes the victim of burglary or theft, they do bear some responsibility for what happened," he added.
The judge noted that Bank of Scotland had been warned by its lawyers about the risks of accepting a particular letter of assurances from a Swiss lawyer backing up Kallakis's application for a loan.
"It almost beggars belief that senior management chose to disregard that warning in its rush to complete the deal at all costs," he said.
"It is however quite apparent that both defendants took full advantage of the prevailing banking culture in which corners were cut and checks on applications were superficial and cursory."
Neither reacted as Judge Andrew Goymer delivered the sentences.
During the trial the jury was told that Kallakis used the proceeds of his fraud to fund the lifestyle of the super-rich in which he maintained a fleet of chauffeur-driven Bentleys, a private plane, a private helicopter, a luxury yacht moored in Monaco harbour and a collection of high value art works.
The pair were convicted yesterday of two counts of conspiring to defraud the banks after a four-month trial.
