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Tapes reveal astonishing conversations between Anglo bank and central banker

Friday, June 28, 2013 11:16

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(‘So, [the loan] is bridged, until we can pay you back . . . which is never’)

http://www.irishtimes.com/news/so-the-loan-is-bridged-until-we-can-pay-you-back-which-is-never-1.1441440

(Inside Anglo: the secret recordings. Exclusive: Tapes reveal the lies and deception that led to the bank bailout.)

http://www.independent.ie/business/irish/inside-anglo-the-secret-recordings-29366837.html

http://misebogland.wordpress.com/2013/06/25/anglo-irish-bank-news-update-as-viewed-from-home-and-abroad/

The astonishing tapes show senior manager John Bowe, who had been involved in negotiations with the Central Bank, laughing and joking as he tells another senior manager, Peter Fitzgerald, how Anglo was luring the State into giving it billions of euro… etc…

Mr Bowe speaks about how the State had been asked for €7bn to bail out Anglo – but Anglo’s negotiators knew all along this was not enough to save the bank. The plan was that once the State began the flow of money, it would be unable to stop.

Mr Bowe is asked by Mr Fitzgerald how they had come up with the figure of €7bn. He laughs as he is taped saying: “Just, as Drummer (then-CEO David Drumm) would say, ‘picked it out of my arse’.”

The recording also shows Mr Bowe and Mr Fitzgerald laughing as they say how there is no realistic chance of ever repaying the loans…. Etc.

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