Shocking tapes of two Anglo executives have revealed how they knew the cost of bailing out the bank would be more than they were letting on.
The recordings, found by the Irish Independent, show how senior officials told the Central Bank they would need €7 billion, but knew that wasn’t enough.
Senior manager John Bowe reveals to colleague Peter Fitzgerald what the game plan is, saying: “The strategy here is, you pull them in, you get them to write a big cheque, and they have to support that money.”
When Bowe is asked where the €7 billion figure came from he says, “Just picked it out of my a**e, you know?”
The Irish Independent says that when it approached the two men, both denied there was any strategy to mislead the government.
In this clip, we hear how the €7 billion figure was arrived at, and how the strategy is to play for time:
Here we hear that once the Central Bank was invested it would have to support its money:
And finally, the colleagues admit Anglo is not an attractive sell, and ask each other what they think will happen: