The committee, known as the Truth Commission, recommended former prime minister Geir Haarde, ex-finance minister Arni Mathiesen, and former business minister Bjorgvin Sigurdsson should all stand trial.
Iceland’s parliament will now decide whether to bring charges. If it decides to go ahead, it would be the first time the Landsdomur -- a special court set up in 1905 to try government ministers accused of crimes -- has sat.
In late 2008, Iceland’s three main banks – Kaupthing, Glitnir and Landsbanki – collapsed under a mountain of debt built up during a decade of overseas expansion, sending the economy into a tailspin.
The investigation team found the men showed recklessness in their handling of the crisis.