Latest Anglo tapes show disregard for financial watchdogs

Latest Anglo tapes show disregard for financial watchdogs
Former Anglo CEO David Drumm

The latest tape recordings from Anglo Irish Bank have revealed the moments that its senior executives first considered having to ask the Central Bank for state aid.

The tapes obtained by the Sunday Independent reveal the then CEO David Drumm considering having a conversation with his "buddies on Dame Street" to discuss the possibility of needing outside help to stay afloat.

In the conversation recorded in September 2008, Mr Drumm and the bank's director of treasury John Bowe are heard discussing how many days of losses the bank could sustain before running out of cash altogether.

Mr Bowe is heard assuring Mr Drumm that the losses would slow down after a weekend break - but the recording ends with a discussion about approaching the Central Bank to discuss getting cash under the State's blanket guarantee.

Mr Bowe told his boss that he and has colleagues had been working on "maybe having the conversation" with "our buddies on Dame St" - a reference to the Central Bank - about what he called "fallback", i.e. a bailout.

"I don't want any fucking bolloxology from them," he adds.

"If it gets close to the bone in terms of cash, we need to be able to pull money down - so get yourself ready."

In a second extract, the pair can be heard discussing the international banks and funds which are taking money out and putting money into Anglo.

During this conversation Drumm and Bowe can also be heard using derogatory language, referring to the Central Bank as "that shower of clowns".

More on this topic

SF planning to publish new Anglo TapesSF planning to publish new Anglo Tapes

Sinn Féin sent copies of 'Anglo Tapes'Sinn Féin sent copies of 'Anglo Tapes'

Drumm: Shut down the loans and brush up on GermanDrumm: Shut down the loans and brush up on German

Anglo tapes reveal bosses knew bank had breached limitsAnglo tapes reveal bosses knew bank had breached limits

More in this Section

Man hit garda with pellet gun shot, court toldMan hit garda with pellet gun shot, court told

Man arrested on suspicion of conspiring to commit murderMan arrested on suspicion of conspiring to commit murder

Governing body claims insurers refusing to indemnify drivers over motorsport accidentsGoverning body claims insurers refusing to indemnify drivers over motorsport accidents

Child poverty to affect 23% without economic recoveryChild poverty to affect 23% without economic recovery


Lifestyle

This week, my wife and I need to get a room, writes Pat FitzpatrickLearner Dad: We have this irrational fear of games consoles, as if buying one automatically makes you a bad parent

More From The Irish Examiner