While there was no statement from the Government in response to the outcome of the Anglo trial, there were differing reactions from Opposition figures.

Sinn Féin said the verdict would lead to "mixed emotions" while Fianna Fáil said it sent out "a strong signal that corporate malpractice and white collar crime" will not be tolerated.

However, TDs were reluctant to comment in detail last night for fear they could jeopardise their place in any upcoming banking inquiry.

Any TD who has made subjective comments about bankers or individuals connected to the crisis is likely to be excluded from being part of the committee carrying out the inquiry. Fianna Fáil finance spokesman Michael McGrath said he is “pleased that the justice system has taken its course and that the trial has reached a conclusion”.

“I think it sends out a strong signal that corporate malpractice and white collar crime are very serious matters and will be treated as such before the courts,” Mr McGrath said.

"The trial's conclusion will allow the forthcoming banking inquiry to deal with many of the issues pertaining to Anglo Irish Bank, without which it would been like a two legged stool."

He also claimed the Government should initiate a "review of white collar crime, as the former financial regulation Matthew Elderfield called for in one of his last public statements before leaving his position".

Mr McGrath said former Anglo-Irish Bank chief executive David Drumm was "conspicuous by his absence" and should make himself available for questioning.

Sinn Féin's Pearse Doherty said the verdicts will lead to "mixed emotions".

"Though Judge Nolan quite correctly pointed out that these men were facing technical charges and weren't answering for the problems of the entire banking system, many people just saw this as a trial of the former bankers who contributed to the crash," the Donegal South-West TD said.

“We are still waiting for justice to be served on all those culpable in the Irish banking crisis.

“The failures in Irish banks, the reckless loans availed of by developers, combined with the policies of Fianna Fail, have caused great long term economic suffering for the Irish people.

“Austerity budgets, unsustainable debt to GDP level, emigration, poverty, unemployment and repossessions have been the sentence handed out to ordinary people.”