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Minister for Finance Brian Lenihan has described as “truly shocking” the detailed information the Nama process had revealed about the banks.

“At every hand’s turn our worst fears have been surpassed,’’ he said. “Some institutions were worse than others. But the fact is that our banking system, to a greater or lesser extent, engaged in reckless property development lending,” In too many cases, said Mr Lenihan, there were also shoddy banking practices.