In his final address as chairman of the Committee of Public Accounts, Mr Jim Mitchell said the banks had "got off lightly" from the committee's inquiry into the evasion of DIRT.
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Mr Jim Mitchell
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He said if the same penalties were applied to financial institutions as to individuals, a further £397 million would have been paid in penalties.
The PAC's report is extremely critical of the role of the Revenue Commissioners, the Department of Finance and the Central Bank in the regulation of the financial services industry in Ireland and the collection of tax from the financial service industry.
Mr Mitchell said there appeared to be an "excessive settlement culture" in the Revenue Commissioners and it remained to be seen if the banks had learned a lesson from the inquiry.
The PAC reiterated its recommendation that the posts of chairman and chief executive officer of the Revenue Commissioners be separated. The Department of Finance opposed this division of powers made in a previous report.
Mr Mitchell called on the financial institutions who, unlike individuals cannot be jailed, to make an act of reparation to society by way of a generous once-off contribution to the Investment in Communities Fund.
He said the most tangible achievement of the committee was the collection of £173 million for the Exchequer for an outlay of £2 million. "The Revenue have also gained the powers, which, hopefully, will yield further results in the future." he added.
The Committee laid out a number of recommendations the most urgent of which is the establishment of the Oireachtas Commission which will give the Oireachtas the independence and resources to hold governments to account.
Referring to former Committee member Ms Beverley Cooper-Flynn, Mr Mitchell said "whatever the ultimate findings in this case, the rules of fairness and natural justice shopuld be allowed due process and that any Parliamentary findings in relation to her are based on fact and not political charge or pressure."