No laughing matter

The German people are not renowned for their sense of humour, so nobody should be surprised they have been distinctly upset by John Bowe’s recital of “Deutschland Über Alles,” or David Drumm’s suggestion that Anglo Irish Bank should “get the fuckin’ money in” from investors in countries such as Germany and Britain.

The German media has been incensed and chancellor Angela Merkel described the revelations of the tapes as damaging to democracy. “I have nothing but contempt for this,” she said.

In a sense the officials at Anglo Irish Bank were mocking the Germans, but in reality they were mocking just about everyone else too — responsible bankers, regulators, the Government, and ultimately the people who are being saddled with the cost. The Irish people know better than anyone that it is no joke.

People here are probably more surprised that the tapes have surfaced and been published than they are shocked by the content.

Today’s revelations in the Irish Examiner about the shifting of money in the run-up to the bank guarantee in 2008 are a further reminder of the scope of what was happening and the need for a thorough examination of all of the ramifications.

The whole thing is really a challenge to both the stability of the republic and the efficacy of our democracy.