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LISTEN: More Anglo tapes - former CEO Drumm features

Anglo staff laughed and joked about abusing the bank guarantee in the days after its introduction...
Newstalk
Newstalk

06.10 25 Jun 2013


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LISTEN: More Anglo tapes - for...

LISTEN: More Anglo tapes - former CEO Drumm features

Newstalk
Newstalk

06.10 25 Jun 2013


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Anglo staff laughed and joked about abusing the bank guarantee in the days after its introduction. 

Further transcripts of conversations between Anglo Irish Bank executives are printed in today's Irish Independent and released on Independent.ie - this time recorded shortly after the bank guarantee scheme was introduced in 2008.

In an extract from a tape featuring former Anglo CEO David Drumm, he warns his executives not to get caught abusing the guarantee scheme, warning them not to do anything blatant, but to get the money in.

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John Bowe & Peter Fitzgerald feature in the tapes

Below, Newstalk features 3 clips from today's tapes 

Mr. Drumm is also heard laughing as another executive sings the German national anthem, as deposits from the country pour into Anglo under the scheme.

The latest revelations follow renewed calls for an inquiry into the banking crisis yesterday, after recordings of conversations between executives John Bowe and Peter Fitzgerald were published by the paper.

They revealed that executives at Anglo knew the cost of bailing out the bank would be higher than the €7-billion figure they gave the Central Bank in 2008, around the time of the banking collapse. The eventual costs will be closer to €30-billion.

Above, a worker dismantles the Anglo Irish Bank sign from its former Stephen's Green headquarters after it all went wrong

In this first clip, David Drumm, Chief Executive with Anglo at the time and John Bowe, then Director of Capital Markets with Anglo talk about German reaction to the bank guarantee:

Former Anglo CEO David Drumm

Here, John Bowe listens as Drumm mocks an official from the Central Bank who had been concerned on the phone, he warns his management team not to be caught but to abuse the bank guarantee to get the money in:

In another extract, the 2 senior executives - Peter Fitzgerald, then Director of Retail Banking with Anglo and first John Bowe, then Director of Capital Markets - who featured in yesterday's initial set of tapes speculate about what nationalisation could mean for Anglo, and say they will be civil servants who get to keep their jobs:

Earnings

Top Anglo bankers John Bowe and Peter Fitzgerald earned €1.2-million each after they were recorded discussing a plan to underestimate the cost of bailing out the toxic bank in the first set of tapes released yesterday.

Both men had €300,000 salaries with Anglo and were promoted and continued to work with the zombie bank after it was nationalised.


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