Irish Elected Dictatorship under Credit Institutions (Stabilisation) Act – Government Greatest Shame

Blackout beefed up by threat of €100,000 fine and jail
By Dearbhail McDonald Legal Editor
Friday December 24 2010
ANYONE leaking details of the Finance Minister’s plans to deal with the banks under new legislation faces fines of up to €100,000 and a possible three-year jail term.
The secrecy surrounding the minister’s dealings with the banks under the new Credit Institutions (Stabilisation) Act was underlined yesterday when court proceedings were held in private.


Journalists were asked to leave the High Court as the Government sought an early morning hearing, held ‘in camera’, to deal with Allied Irish Bank (AIB).
There the Government secured an order allowing it to inject a further €3.7bn of state funds in to AIB — a move that has led to its effective nationalisation.
Sensitive
The plan to inject further capital in to AIB had been widely publicised in the media. But a news blackout was imposed on the facts and contents of the court application.
A legal provision allows all or part of a court application under the new banking law to be held ‘in camera’ to protect the publication “of any material that might be commercially sensitive”.
Restrictions can also be imposed on the publication or reporting of any commercially sensitive material disclosed in open court. The law also bans publication of the fact that the minister proposes to make or has made a proposed direction order.
– Dearbhail McDonald Legal Editor