Activities detailed in the report, which took six years to compile, included the opening of bogus non-resident and fictitiously named accounts in order to allow customers to evade taxes, the promotion of Clerical Medical International policies as secure investment vehicles for funds being concealed from the Revenue Commission, the creation of special savings accounts which had taxes deducted at a reduced rate, and the improper charging of interest and fees to NIB customers.

The bank has been ordered to repay around EUR30 million to the government and to its customers, in addition to bearing the EUR34 million investigation costs.

Paul Appleby, Ireland's director of corporate enforcement announced that he will additionally consider taking action to prevent the 19 senior NIB officials mentioned in the report from ever becoming company directors.

Tanaiste Mary Harney, who ordered the inquiry into the bank's affairs in 1998 following a tip-off from an unidentified NIB employee observed last week that:

"Too many people, and indeed the bank itself, saw themselves as above the law and felt that they could simply get away with this."