THEY are 12 secret documents judged to be so potentially damaging that releasing their contents would endanger the stability of Australia's whole economic system.

Australia's biggest banks, insurers and superannuation funds are named, and some are apparently shamed, in ''risk registers'' kept by the federal government's banking regulator.

But in a gaping hole in Australia's defences against the global financial crisis, the Herald can reveal the crucially important registers were only compiled months after the worst of the crisis struck.

The regulator warns the risks outlined in the registers are so sensitive that releasing the information ''may affect the stability of Australia's economy''.

The registers pinpoint the weakest links in Australia's multibillion-dollar financial services industry, outlining where individual institutions pose systemic risks and the possible remedies by the regulator.