David Drumm believed that the Fianna Fáil-led Government's external advisors Merrill Lynch were 'disproportionately angry' with Anglo Irish Bank.
The latest tapes, revealed by the Irish Independent today, were held just days before the former CEO lost his job and the bank was nationalised at a cost of €30bn to the Irish taxpayer.
In this excerpt, Mr Drumm can be heard telling his colleague John Bowe that he could not understand why officials at Merril are so angry with Anglo.
"The Merrill Lynch are so badly against us, it's scary," he said.
"The board asked me today: 'What did you do on them?'
"I'm not sure, but I said: 'Somewhere along the line, you know, their analyst, everybody just turned, jumped ugly at us'.
"Now they just seem to be disproportionately angry at us."
Fianna Fáil, who were in Government at the time, refused to shut down Anglo Irish Bank despite apparent warnings from Merrill Lynch.
In another excerpt, Mr Drumm can be heard advising his colleague John Bowe about buying back the banks debts in order to burn the bondholders.
"If we give up, they'll blame us for giving up, and then it's just an excuse for them to f***in hammer us," he said.
"It's awful, but that's … So the best you can do is just keep a forward momentum as best you can."