‘To cut a long story short, we sort of said: Look, we need €7bn’

The 11-minute recording is of a telephone conversation between two senior members of Anglo’s management, John Bowe, head of capital markets, and Peter Fitzgerald, director of retail banking, on Sept 18, 2008.

Bowe briefs Fitzgerald on a meeting the previous evening between representatives from Anglo, the Central Bank and the financial regulator.

Anglo was in financial crisis and told the meeting it needed a €7bn emergency loan from the State to tide it over until its position stabilised. The recording reveals that the bank knew it would need more than this but kept the figure lower so as not to scare off the Central Bank. It also reveals that the bank knew it was unlikely its position would ever stabilise.