The Honohan Report on Ireland's Banking Crisis

The full text of the Honohan Report on the Irish Banking Crisis Regulatory and Financial Stability Policy can be can be downloaded below. 

This Report covers the period from the establishment of the FR in 2003 to the end of 

September 2008 when the provision of exceptional Government support, in the form of 

the comprehensive State Guarantee for the liabilities of the Irish domestic banking 

system was announced. It deals with two distinct aspects: crisis prevention (in the 

years before 2008); and crisis containment (starting with the onset of the global liquidity 

crisis in August 2007).

1.2 The Report seeks to answer two questions. First, why was the danger from the 

emerging imbalances in the financial system that led to the crisis not identified more 

clearly and earlier and headed-off through decisive measures? Second, when the crisis 

began to break, were the best containment measures adopted? The Report has 

addressed both aspects with a particular focus on the performance of the Central Bank 

and the Financial Regulator throughout the period.