'We need the moolah' said Anglo bank boss David Drumm
- 27 June 2013
- From the section Europe
Anglo Irish bank bosses were told to go to the Irish Central Bank ,"arms swinging", saying: "We need the moolah" to secure cash for their sinking bank.
The details are contained in the latest of a series of leaked phone calls published by the Irish Independent.
The so-called Anglo tapes date from September 2008 when the bank was on the verge of collapse.
Former chief executive of the bank, David Drumm, can be heard setting out the strategy for the meeting.
"Get into the f***ing simple speak: 'We need the moolah, you have it, so you're going to give it to us and when would that be?' We'll start there," he said.
Mr Drumm was speaking on the phone to Director of Treasury John Bowe.
He said he would threaten regulators unless they wrote him a cheque.
"I'm going to keep asking the thick question: 'When, when is the cheque arriving?'" he said.
Mr Drumm also told Mr Bowe: "And by the way, the game has changed now because really the problem now is at their [regulator's] door.
"Because if they don't give it [7bn euro (£5.9bn] to us on Monday, they have a bank collapse. If the f***ing money keeps running out the door, the way it has been running out the door."
The former bank chief said he would "lose the plot" and threaten to hand over the keys to the bank and walk away.
He said: "If you want the f***ing keys now, I can give them to you. So I'm relaxed about it."
The latest recording dates from the night before a crucial meeting with the Irish financial regulator.
For the past past four days, the Irish Independent has published a series of leaked phone calls between senior bankers about the bank's imminent collapse.
On Wednesday, Irish finance minister Michael Noonan said the tapes could damage Ireland's reputation among those funding the country's bail out.
His cabinet colleague, Richard Bruton told RTE's Morning Ireland on Thursday that he was "seething with anger" when he heard the tapes and felt they damaged Ireland's reputation. But he pointed out that was five years ago.
Mr Bruton said everyone was frustrated with the length of time it was taking to convict anyone with regards to breaches of policy and regulations in the financial sector.
However, he said it was important that any investigation was independent and free of interference from politicians.
The recordings, from 2008, include conversations about how the bank went about receiving 7bn euros (£5.9bn) of bailout funds. The bank ended up needing much more.
Anglo Irish was the first Irish bank to seek a government bail out.
It ran into trouble after lending tens of billions of euros to property developers before the collapse of the property market.
A government rescue package eventually cost Irish taxpayers 30bn euros ($39.4bn; £25bn) and the bank was nationalised in 2009.
The banking crisis led to Ireland having to ask the International Monetary Fund and the European Union for a 85bn euro (£72.4bn) bail out in 2010.