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Anglo Irish Bank tapes: executives mock Germans amid bailout Anglo Irish Bank tapes: executives mock Germans amid bailout
(about 1 hour later)
Disgraced Anglo Irish Bank chiefs sang "Deutschland, Deutschland, über alles" as they joked about German money flowing into the country after a state guarantee of its deposits, it has emerged. Disgraced Anglo Irish Bank chiefs were recorded singing "Deutschland, Deutschland, über alles" as they joked about German money flowing into the country after a state guarantee of its deposits, it has emerged.
The bankers are heard joking and singing as the bank's then chief executive, David Drumm, urges his executives to "get the fucking money in" in September 2008, when the state stepped in. The bankers are heard joking and singing the former first lines of the Deutschlandlied – not used since the Nazis made the first stanza their anthem – as the bank's then chief executive, David Drumm, urges his executives to "get the fucking money in". The recording was made in September 2008, when the Irish state stepped in.
The Irish government had intervened that month with a guarantee of the bank's deposits to keep the institution afloat – a move that angered London and Berlin because it enticed money from British and German savers. Dublin had intervened that month with a guarantee of the bank's deposits to keep it afloat – a move that angered London and Berlin because it enticed money from British and German savers.
The latest recordings to be leaked from inside the bank will compound national outrage in Ireland over the behaviour of Anglo Irish bankers. One senior executive, then director of capital markets, John Bowe, was recorded boasting that he had picked a random figure of €7bn (£5.9bn) "out of my arse" as the cost of the state rescuing them. The latest recordings to be leaked from inside the bank will compound national outrage in Ireland over the behaviour of Anglo Irish bankers.
But Ireland's deputy prime minister, Eamon Gilmore, admitted on Tuesday that ministers had been unaware the recorded conversations existed, even though the state has owned the bank since it was nationalised in 2009. He said the degree of arrogance and hubris of the bankers highlighted in the tapes was shocking and made clear the need for a full parliamentary inquiry into the Irish banking collapse. One senior executive, then director of capital markets John Bowe, was recorded boasting that he had picked a random figure of €7bn (£5.9bn) "out of my arse" as the cost of the state rescuing them.
Ireland's deputy prime minister, Eamon Gilmore, admitted on Tuesday ministers had been unaware the recorded conversations existed, even though the state has owned the bank since it was nationalised in 2009.
He said the degree of arrogance and hubris of the bankers highlighted in the tapes was shocking and made clear the need for a full parliamentary inquiry into the Irish banking collapse.
"That's why we have brought forward legislation to establish such an inquiry and I hope that the legislation will be enacted before the summer and we can get on with it," Gilmore told RTÉ radio."That's why we have brought forward legislation to establish such an inquiry and I hope that the legislation will be enacted before the summer and we can get on with it," Gilmore told RTÉ radio.
The Irish premier, Enda Kenny, later confirmed that the country's police have had the Anglo Irish Bank tapes for four years. He told the Dail that they had been originally handed over to the Gardai when they began their criminal investigations into the bank.
His cabinet colleague, the finance minister, Michael Noonan, confirmed that he, too, was unaware of the tapes, even though it was standard procedure to record calls between senior banking personnel.His cabinet colleague, the finance minister, Michael Noonan, confirmed that he, too, was unaware of the tapes, even though it was standard procedure to record calls between senior banking personnel.
Recordings of David Drumm joking about the rescue plan on the tapes obtained by the Irish Independent will intensify anger in Ireland towards the top bankers, given that he remains in exile in Boston still allegedly owing the state €8m. Recordings of Drumm joking about the rescue plan on the tapes obtained by the Irish Independent will intensify anger in Ireland towards the top bankers, given that he remains in exile in Boston allegedly owing the state €8m.
Drumm and Bowe can be heard laughing about how the flow of emergency money into Anglo is causing a rift between Ireland and its EU partners including the UK. Drumm quips to his colleague: "So fucking what. Just take it anyway … stick the fingers up." Bowe has denied that he was trying to mislead the state, adding that the reported remarks were "off-the-cuff comments". Drumm and Bowe can be heard laughing about how the flow of emergency money into Anglo is causing a rift between Ireland and its EU partners including the UK. Drumm quips to his colleague: "So fucking what. Just take it anyway … stick the fingers up."
The secret tapes have compounded suspicions that Anglo Irish Bank's senior executives had lured the then Fianna Fáil led the government into a costly financial trap in the autumn of 2008. The figure of €7bn cited by Bowe more than quadrupled to €30bn. Bowe has denied that he was trying to mislead the state, adding that the reported remarks were "off-the-cuff comments".
The secret tapes have compounded suspicions that Anglo Irish Bank's senior executives had lured the then Fianna Fáil-led government into a costly financial trap in the autumn of 2008. The figure of €7bn cited by Bowe more than quadrupled to €30bn.
During the Celtic Tiger boom, Anglo Irish Bank became the preferred lender to property speculators and builders. Among its high-profile clients was Ireland's one-time richest man, Sean Quinn, who borrowed hundreds of millions of euros from the bank to fund a global property portfolio stretching from the US to the Ukraine and Russia. When the world property market crashed, Quinn's empire crumbled and ultimately led to bankruptcy and prison.During the Celtic Tiger boom, Anglo Irish Bank became the preferred lender to property speculators and builders. Among its high-profile clients was Ireland's one-time richest man, Sean Quinn, who borrowed hundreds of millions of euros from the bank to fund a global property portfolio stretching from the US to the Ukraine and Russia. When the world property market crashed, Quinn's empire crumbled and ultimately led to bankruptcy and prison.