This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/business/2013/jun/26/anglo-irish-tapes-germany-offended

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Anglo Irish Bank scandal: 'we are offended' says German politician Anglo Irish Bank scandal: 'we are offended' says German politician
(3 months later)
The fallout from the Anglo Irish Bank tapes with executives singing "Deutschland über Alles" while joking about German money rescuing the financial institution has provoked disgust in the country, a senior ally of chancellor Angela Merkel has said.The fallout from the Anglo Irish Bank tapes with executives singing "Deutschland über Alles" while joking about German money rescuing the financial institution has provoked disgust in the country, a senior ally of chancellor Angela Merkel has said.
Michael Fuchs, deputy leader of Merkel's Christian Democratic Union party in the Bundestag, described the recordings as "unbearable".Michael Fuchs, deputy leader of Merkel's Christian Democratic Union party in the Bundestag, described the recordings as "unbearable".
In a series of phone calls senior bankers at the toxic, debt-ridden bank laugh about German largesse on the night the Irish government rescued Anglo Irish Bank from collapse with large injections of cash from European partners including Germany.In a series of phone calls senior bankers at the toxic, debt-ridden bank laugh about German largesse on the night the Irish government rescued Anglo Irish Bank from collapse with large injections of cash from European partners including Germany.
The outrage in Germany is deeply embarrassing for the current Fine Gael-Labour coalition in Dublin as the government seeks to reduce the Republic's debt burden to the EU, the European Central Bank and the IMF.The outrage in Germany is deeply embarrassing for the current Fine Gael-Labour coalition in Dublin as the government seeks to reduce the Republic's debt burden to the EU, the European Central Bank and the IMF.
Fuchs told RTE radio on Wednesday: "We are offended. If you have a feeding hand you shouldn't bite into it."Fuchs told RTE radio on Wednesday: "We are offended. If you have a feeding hand you shouldn't bite into it."
He added "it's really dangerous" language as German politicians are trying to convince local taxpayers to support European countries, such as Ireland. "It's absolutely unbearable that somebody is talking like this."He added "it's really dangerous" language as German politicians are trying to convince local taxpayers to support European countries, such as Ireland. "It's absolutely unbearable that somebody is talking like this."
In one conversation – taped just two days after 30 September 2008 bank guarantee – Anglo Irish Bank's disgraced former CEO David Drumm giggles while his colleague John Bowe recites lines from "Deutschland über alles".In one conversation – taped just two days after 30 September 2008 bank guarantee – Anglo Irish Bank's disgraced former CEO David Drumm giggles while his colleague John Bowe recites lines from "Deutschland über alles".
Bowe accepted in a statement that the language used in the taped recordings of internal bank conversations "was imprudent and inappropriate".Bowe accepted in a statement that the language used in the taped recordings of internal bank conversations "was imprudent and inappropriate".
The behaviour of the Anglo Irish executives has turned them into national hate figures in the Republic and now, it appears, also in the country which has supplied most of Europe's money to prop up not only the Irish banking system but also the entire state.The behaviour of the Anglo Irish executives has turned them into national hate figures in the Republic and now, it appears, also in the country which has supplied most of Europe's money to prop up not only the Irish banking system but also the entire state.
As Anglo Irish Bank moved towards the fiscal abyss, Drumm is heard joking, "another day, another billion", referring to the flight of deposits out of the doomed bank before the bank guarantee in September 2008. At the time the outflow was running at over €1bn (£847m) a day.As Anglo Irish Bank moved towards the fiscal abyss, Drumm is heard joking, "another day, another billion", referring to the flight of deposits out of the doomed bank before the bank guarantee in September 2008. At the time the outflow was running at over €1bn (£847m) a day.
Meanwhile Irish prime minister Enda Kenny has said he may have to seek a referendum asking the Irish people for greater government powers to investigate the banking crash that almost bankrupted Ireland.Meanwhile Irish prime minister Enda Kenny has said he may have to seek a referendum asking the Irish people for greater government powers to investigate the banking crash that almost bankrupted Ireland.
Speaking in the Dail the taoiseach said he was considering a second referendum that would grant the state more power to hold searching inquiries.Speaking in the Dail the taoiseach said he was considering a second referendum that would grant the state more power to hold searching inquiries.
The tapes appear to confirm that Anglo Irish bankers hoodwinked the then Fianna Fáil-led government back in 2008 with a vastly underestimated price for the bank rescue. John Bowe, then the bank's director of capital markets, is heard on the tapes explaining where got the figure of €7bn needed to save Anglo Irish from oblivion.The tapes appear to confirm that Anglo Irish bankers hoodwinked the then Fianna Fáil-led government back in 2008 with a vastly underestimated price for the bank rescue. John Bowe, then the bank's director of capital markets, is heard on the tapes explaining where got the figure of €7bn needed to save Anglo Irish from oblivion.
He quips that he picked the figure "out of my arse". In fact, Anglo Irish Bank's rescue cost the Irish and European taxpayers, particularly the Germans, €30bn.He quips that he picked the figure "out of my arse". In fact, Anglo Irish Bank's rescue cost the Irish and European taxpayers, particularly the Germans, €30bn.
Our editors' picks for the day's top news and commentary delivered to your inbox each morning.