Chief of police Alasdair Robinson said, the device that was stored in a garbage bin, "demanding and serious".
He said that it could have caused great destruction and loss of life.
The big warning was less than a week since the murder of PSNI Constable Ronan Kerr in Omagh, County Tyrone.
Police believe that the van, contains the bomb in the underpass, due to the increased police weakening of murder was abandoned last Saturday.
Army bomb experts several controlled explosions on the vehicle performed on Friday night.
The alert began just before 2300 BST on Thursday after two bomb warnings from the Daisy Hill Hospital and an alms received.
The same code word was first used for real and hoax bomb warnings.
It is revealed that the van in Maynooth in the Irish Republic was stolen in January.
Police have refused to be drawn which organization was responsible.
On Friday morning, pin block removed the underpass and hundreds of motorists drove past on the vehicle.
'Unfortunate'
Police warned motorists ignore or move plugin, they had a "blatant disregard" for security.
On Saturday, Chief of police, Robinson said it was "regrettable", which, while police were absent from the area of driver had the opportunity, the plug and move over to the van drive.
However, he added that even if police were present, a driver still trying, through the cordon had to drive and be completed by officers.
Act NI policing Board Chairman Brian rea said the "pure purpose" the bomb was "Death and destruction".
"The public and political revulsion at the murder of Constable Kerr clearly indicates that no more people in Northern Ireland destruction of our community, our police force has added wish."
"Everyone, the details of this bomb van or last week murder you please call the police I."
The street has now reopened.
Meanwhile Sinn Féin President Gerry Adams reiterated its call for dissidents meet to his party to talks.
Writing on his blog, he said that Republican "seething were core countries with anger after the recent murder of Constable Kerr".
"The people of this island demand that you stop," wrote it, addressing dissident Republicans.
"I am willing, meet you anywhere at any time to hear what you have, say, and you say that there is now a democratic peaceful way, to unite our people and our country on the basis of equality."
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