There is anger in Ireland over revelations that executives at Anglo Irish Bank lied to the Dublin...

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http://www.euronews.com/2013/06/25/fury-over-anglo-irish-bank-bailout-lies
There is anger in Ireland over revelations that executives at Anglo Irish Bank lied to the Dublin government about how much money it would need as a bailout five years ago.

The Irish Independent newspaper has got hold of tape recordings of top bosses there who laugh about the fact that that the bank has told the government it only needs seven billion euros.

Anglo's then head of capital markets, John Bowe, says in the recorded phone conversation that he pulled the seven billion euro figure "out of my arse".

He continued: "The strategy here is you pull them in, you get them to write a big cheque, and they have to support that money... If they saw the enormity of it up front... they might say the cost to tax payers is too high... If it looks big enough to be important, but not too big that it spoils everything, then I think you have a chance (of getting the bailout)."

The former chief executive of the bank, David Drumm also laughed about "abusing" the state bank guarantee which eventually cost taxpayers 30 billion euros.

Drumm is heard warning his colleagues not to get caught abusing it, but to make sure they get the money: "We won't do anything blatant, but . . . we have to get the money in . . . get the f***ing money in, get it in."

The conversations seems to show that the bank deliberately misled regulators as it sought help during the financial crisis and the government was lured into helping Anglo Irish through its disastrous guaranteeing of bank deposits.

Pressure is now growing for an inquiry into the country's banking collapse.


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