Anglo executives discussed pressurising Lenihan

Monday 01 July 2013 11.28
New tape recording of then Anglo Chief Executive David Drumm has emerged
New tape recording of then Anglo Chief Executive David Drumm has emerged

Senior executives from Anglo Irish Bank discussed putting pressure on the then Minister for Finance Brian Lenihan in December 2008 in the latest recordings to emerge from the Anglo tapes, which will be published in tomorrow’s Sunday Independent.

The latest conversations involve then Chief Executive David Drumm and Director of Treasury John Bowe and occurred on 15 December 2008.

They took place after the bank guarantee and the two executives are apparently expressing concern about whether the Government will approve capital for the bank and back up the guarantee.

In one of them Mr Drumm talks about how he plans to handle a meeting with Mr Lenihan the next day.

He says: “So, I’ll probably punch him [Lenihan]. And I mean punch him, as if to say: What are you actually doing? Because you are creating an awful lot of uncertainty, and em, can you just, can we move the game where you give us a little bit more clarity than you have given in relation to availability of capital."

Later in the conversation Mr Drumm says he plans to tell Mr Lenihan: “What's this about having to go through due diligence? You made that decision on the 29th of September.

“You've told the f**king world we're all solvent. Now can you protect your €100bn guarantee of us by writing a €2bn or €3bn cheque and get on with it?”

A few weeks after this conversation was recorded, Anglo Irish Bank was nationalised.

Keywords: david drumm