ReactionNational Irish Bank had "systematically and remorselessly" ripped off its customers, Fine Gael Deputy Leader, Mr Richard Bruton declared, following the publication of the High Court inspectors report.
"It isn't good enough to have regulators always arrive breathless and late at the scene of the corporate crime. Once again it is not regulators that unearthed these abuses. It was a piece of investigative journalism that triggered the discovery," he said.
The Irish Financial Services Regulatory Authority (IFSRA)must fully use its powers to ensure higher standards in the future, particularly to ensure that banks comply with all tax laws and do not reward staff for illegal practices, he said.
He questioned the Minister for Finance's decision to cap penalties that IFSRA can impose at €5 million, even though other competition law rules allow for penalties of up to 10 per cent of turnover. "We need exemplary penalties that will bring home the message to corporations and their parent companies that corporate delinquency will face a tough, uncompromising response," said Mr Bruton.
The leader of the Labour Party, Mr Rabbitte, said the High Court inspectors' report had painted "a truly shocking picture of systematic dishonesty, tax evasion and theft" from both customers and the Revenue.
On the inspectors' decision to criticise the bank's auditors, KPMG, he said: "The inspectors have done a thorough job in exposing in such details these activities to the light of public scrutiny.
"But there will be a real sense of let down among the public and among compliant taxpayers if these findings do not ultimately lead to the prosecution and conviction of those at the heart of this conspiracy."
He said the findings raise very serious questions about the Central Bank which once again had clearly failed to exercise due supervision to protect the interests of customers and taxpayers.
Paying tribute to RTE journalists, Mr Charlie Bird and Mr George Lee, Mr Rabbitte said the Minister for Finance, Mr McCreevy had initially adopted "a dismissive attitude" to the original disclosures.
"He was either asleep at the wheel or simply did not wish to delve too deeply into this area for fear of what he would find."
In the wake of the reports in 1998, the Minister said people were " making ridiculous and outlandish allegations both against the Revenue Commissioners and against others".
The Green Party TD, Mr Gormley, said: "In most other jurisdictions those responsible would lose their jobs and most likely spend some time in prison.
"Many compliant taxpayers will be asking now what fate awaits those who have engaged in this dishonesty here in Ireland. Will any of them go to jail? Given the track record on financial fraud it is unlikely."
Calling for a whisteblowers charter, Sinn Féin TD, Mr Aengus Ó Snodaigh, said the report represented a massive indictment of NIB and of the State's banking culture in the state.
