Caught On Tape: Irish Bankers Laugh About Never Repaying Bailout

05/07/2013 16:42

Bill Black: Tapes reveal Anglo Irish Bank executives laughed as they manipulated Irish Government into 16 billion dollar bailout the knew they would never repay

Source: IrishIndependent

Banks must be prepared to hand over tapes of internal conversations over the bailout, Finance Minister Michael Noonan warned

Finance Minister Michael Noonan has warned the banks they must be prepared to hand over tapes of internal conversations regarding the bank guarantee and bailout.

The minister said a parliamentary inquiry into the banking collapse may examine electronic data saved from all the banks involved in the bailout - and not just those unearthed from the toxic lender Anglo Irish Bank.

"It is practice always to record calls in and out of the treasury, the treasury department of a bank, for obvious reasons when you think about it," Mr Noonan said.

"So I assume there are calls in and out of treasury in the other main banks as well and I think the banks should be on alert, if they weren't before, certainly from today, that this electronic data may be required by the Oireachtas inquiry committee."

Anglo's former chief executive David Drumm was forced to apologise after several tapes of recorded phone calls, published by the Irish Independent, showed him and other senior bankers laughing and joking about the toxic lender's imminent collapse.

The recordings date back to the period around September 30 2008 when the then-Fianna Fail-Green Party coalition brought in a crippling 440 billion euro guarantee for all the Irish banks.

Taoiseach Enda Kenny has confirmed a banking inquiry will be held in the autumn to establish exactly what went on between the former government and the banks during the time of the collapse.

Press Association

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