A top executive at Anglo Irish Bank believed the Central Bank and the Financial Regulator were "egging them on", when it came to the transfer of money between Anglo and Irish Life and Permanent.
In the latest recordings from phone calls at the bank, published in the Irish Independent, head of Treasury John Bowe tries to explain the thinking behind the transfer of €7bn from ILP to Anglo at the end of 2008, to temporarily boost the Anglo balance sheet.
That transaction is now being investigated by the Director of Corporate Enforcement.
In the 2009 conversation with Fiachre O'Neill, a compliance executive at Anglo, Mr Bowe described his plans to "craft" a document to explain the deal to his superiors.
"What I'm doing at the moment is crafting a document which explains the background to transactions which are typically done to boost deposits in all banks coming up to year end," Bowe explained.
"As we went through 2008 we had the issues in March, we had ILP coming to us and saying 'can you help us over our year end?' and we saying 'can you help us over our period end?'
"The Central Bank and the regulator [were] effectively egging us on for Irish banks to help each other. But [that] obviously culminated in a material transaction at the end of the financial year."
Tom Lyons, the Deputy Business Editor at the Sunday Independent, said the banks would have been encouraged to talk to each other, but not to make transfers of the kind under investigation.
"In February 2009, when this transaction emerged, the Central Bank said 'yes, we did encourage Irish banks to talk to each other, but there is no way that we encouraged what actually took place,'" he explained.