The Tánaiste and Minister for Foreign Affairs says he was not aware of the existence of the Anglo tapes. Speaking in Luxembourg Eamon Gilmore says the tapes are shocking and he says the contents underlines the need for an inquiry.

In a second series of recordings released today by the Independent.ie the then Chief Executive of the bank David Drumm warns staff not to do anything blatant but to make sure they get money into Anglo.

The Tánaiste also says it shows the Labour was right to oppose the bank guarantee in 2008.

 While the Minister for Public Expenditure and Reform says he is "personally sickened" by the contents of the tapes.

In another extract two senior executives describe a possible nationalisation of Anglo as fantastic so they can keep their jobs and become civil servants.

Speaking this morning Minister Brendan Howlin said he is confident there will be a banking inquiry early in the next Dail term and that the government should spend the summer getting all the details ready.

He said the people involved have to be held to account. 

Irish Independent Special Correspondent Paul Williams spoke to Lunchtime here on Newstalk about the tapes.