The sailing vessel Pisceswas in an "unseaworthy condition" and "basically unstable" when it sank in July 2002 with the loss of five lives, according to an report into the incident by the Marine Casualty Investigation Board (MCIB).
The Pisceswas carrying nine passengers when it sank near Fethard-on-Sea in Co Wexford.
The report is critical of the fact that a distress message was not transmitted on the VHF Channel 16, the normal distress system, continuously monitored by the Irish Coast Guard.
It says the Piscesdid not hold a passenger boat licence and would not have qualified for one because of its poor condition and lack of safety equipment.
The vessel "did not carry sufficient lifesaving appliances for everyone on board", and the provision of a suitable inflatable life-raft "would have ensured that all on board might have survived", the MCIB report concluded.
The report made a number of recommendations, one being that unlicensed passenger vessels should be investigated and prosecuted.
It also said that passenger vessels should be required to carry an approved inflatable liferaft capable of accommodating all persons on board and that lifejackets should be worn at all times by every person when on the open deck of such vessels.
It also recommended mandatory Bilge alarms or automatic pumps should be fitted to detect water accumulation in any passenger boats where such accumulation could have an adverse effect. The pump on the Piscescould only operate when switched on manually.