The inspectors investigating the affairs of National Irish Bank have made findings "of the utmost gravity", a High Court judge said today.
Mr Justice Kelly said the report reveals that bogus non-resident accounts were opened and maintained in the bank's branches enabling customers to evade tax, accounts were opened in fictitious names, there was improper charging of fees and these activities were widespread throughout the Bank and carried on for a long period of time.
The judge disclosed today that the report has made findings against "well in excess of a dozen" senior NIB personnel "who carry or share responsibility for some or all of those activities".
He said it was in the public interest that the report of the six year investigation by inspectors' Mr John Blayney and Mr Tom Grace into matters which were "very serious" be published in full.
Publication is expected at 10 a.m. on July 30th.
He also directed that NIB pay the multi-million euro costs of the investigation, saying he entirely agreed with the Bank's view that the costs should not be borne by the taxpayer.
The judge noted the Bank itself had described these matters as "of the utmost gravity". In a letter, a chief operating officer with NIB had expressed its "deepest regret" about them.
The Bank, the officer wrote, was "profoundly sorry that these events could have occurred and apologises to all those who have been affected by these events".
At an estimated cost of €64 million, the Bank had put into place a package of measures to deal with the matters identified with the inspectors and had said it believed those measures would remedy any disability affected persons may have unfairly suffered, the judge noted.
Some €28.7 million had already been paid for the legal and bank costs arising from the inspectors' investigation and for programmes to deal with the matters identified.
A further €6.7 million had been paid for a Revenue audit.
A fees and interest refund programme to customers had cost some €1.9 million to date and it was estimated that would cost a further €10.6 million. An offshore investors settlement programme had also been established, which to date had offers totalling some €8.9 million accepted, and a further €1.9 million had been offered.
Mr Justice Kelly set out some of the inspectors' conclusions in his judgment today on an application for directions by the inspectors following the completion of their report and its presentation to the court on July 12th last.
The judge said it was in the public interest that the 200-page report, with an additional 200 pages in appendices,
be published in full. The report will be published through the office of the Director of Corporate Enforcement.
Mr Brian Murray SC, for the Director, said it was hoped publication would occur at 10 a.m. on July 30th.
However, he cautioned, there was the possibility of "slippage".