Why you can’t see the ‘black book’ that was never used for the banking crisis

The Central Bank headquarters in Dublin (File photo)

NEITHER THE DEPARTMENT of Finance nor the Central Bank will release the so-called ‘Black Book’, a crisis management manual intended to assist officials during financial crises, which was never used during the bank crisis five years ago.

The ‘Black Book’ is referred to in the Nyberg report into the causes of the banking crisis which led to the fateful guarantee of Irish banks in September 2008. The report notes: “In the actual crisis no use was made of the Black Book procedures.”

The manual lays out procedures for emergency funding from a Central Bank or emergency liquidity assistance (ELA), guidance on legal issues related to insolvency processes and providing state aid to industry, and information on how to contact the responsible persons in a crisis.

It has been in existence since 2001 when it was prepared by the Central Bank of Ireland to provide for a set of processes and procedures to refer to during the management of financial crises.

But it was never used when Ireland’s banks were plunged into crisis at the back end of the last decade resulting in the eventual guarantee of all liabilities of Irish banks at an eventual cost of €64 billion, a move which later resulted in Ireland needing an international bailout.

The manual was referenced in a parliamentary question from independent TD Stephen Donnelly this week.

‘Strictest confidence’

Donnelly asked the Minister for Finance Michael Noonan if he would release a copy of the ‘Black Book’ as it existed at the end of 2006 or as it was redrafted in the crucial period leading up to the banking crisis between August 2007 and September 2008.

Noonan said the manual was passed to the Department of Finance “on the understanding it would be treated in strictest confidence given the nature of the matters treated in the document”.

He described the ‘Black Book’ as a document which lays out a “set of processes and procedures to assist it in the management of a financial crisis situation”.

“I do not therefore propose to provide a copy of the document,” Noonan said.

Contacted this week, the Central Bank declined to answer a series of questions about the document including the content in it, how many times it has been updated and when it was last updated.

A spokesperson said that the document laid out “the principles under which the Central Bank would operate during a crisis; operational procedures and terms and conditions for ELA; legal issues relating to insolvency laws and state aid to industry; and information and logistic issues such as arrangements for contacting the responsible persons in a crisis.”

The spokesperson declined to comment any further.

via Why you can’t see the ‘black book’ that was never used for the banking crisis.

via Why you can’t see the ‘black book’ that was never used for the banking crisis.

About Old Boy

Love the past and the future but live in the present

Posted on May 15, 2013, in Banking, buisiness, Government, Human rights and Liberties, IMF/ECB, Ireland, National Politics, politics and tagged , , , , , , , , . Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Relatos desde mi ventana

Sentimientos, emociones y reflexiones

Teri again

Finding Me

Gareth Roberts

Unorthodox Marketing & Strategy Blog

leeg schrift


100 Films in a Year

12 months. 100 films. Hopefully.

Morcan Books & Films

The site for a new perspective on books and films


thoughts and thinking

Cinematic Architecture

An Inquiry on the meaning of cinematic for architecture and in architecture

IMPREINT journal

The official bulletin of the artist IMPREINT created to repost excerpts from 'En plein air'.


david cairns

Sannaan Tech Talk's

See Something Techy | Do Different From Other

Film Music Central

The Central Hub for Film Music and the Composers Behind the Music

Photobooth Journal

A life in a photobooth.

Momentary Cinema

Fleeting posts about film

The Motion Pictures

Lindsey D.'s ramblings on the moving image!

Classic Film and TV Café

Corruption, Banks, Politics, health, welfare, rights/liberties oil & gas, Ireland, The world and anything that catches my fancy


Writing about film, for the love of film.

Grace Kingsley's Hollywood

One hundred year old news and gossip.


Movie musings with a modicum of moosey magic.

Silent Room

a place to discuss silent films



dark anki

"Imagination: Upcoming Reality"

The Lonely Author

A quiet corner for writers to get inspired one word at a time.


意大利旅居記事簿:來自意國的微笑 by Scarlett To


Movies, TV, and so much more. Don't forget to disable your add blocker!

Early & Silent Film

Just another WordPress.com weblog


Smile, you are beautiful


Exposing Truth

Article 19.1.a

A potpourri of random thoughts, societal issues, pencil sketches and celebration of life for the beauty that it is :)

Journeys in Darkness and Light

Explorations in film and comics


not a good writer tho

Syed Abir

“ জীবন মানে অনিশ্চিৎ ভ্রমণ


Warm . . . warmer . . . disco!

let me photograph you softly

photographs on the street


Blog de escritura

Sally Cortés

"Érase una vez una gitana, que escribía historias de amor"

territori del '900

identità luoghi scritture del '900 toscano

lou rasmus

drink and smoke and fuck

fountain hues

the journey of a poetry

Flavorful Delights

A collection of recipes, food inspirations, and finding joy in cooking

%d bloggers like this: