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.