Anglo executives told to go ‘arms swinging’ to Central Bank

Anglo Irish Bank executives were ordered to go down to the Central Bank with "arms swinging" to demand a multi-billion euro bailout to prevent a bank collapse.

In leaked recordings of phone conversations from within the bank the then chief executive David Drumm said he would threaten regulators unless they wrote him a cheque.

Outlining his strategy for securing funding for the struggling bank to an executive colleague Mr Drumm said: “the game has changed now because really the problem now is at their [regulators’] door.”

“Because if they don’t give it [€7 billion] to us on Monday they have a bank collapse . . . if the f***ing money keeps running out the door, the way it has been running out the door.”

The former bank chief goes on to say how will “lose the plot” and threaten to hand over the keys to the bank and walk away. “If you want the f***ing keys now, I can give them to you. So I’m relaxed about it.”

The comments are contained in the latest transcripts from the Anglo Tapes, published by the Irish Independent.

Mr Drumm tells Mr Bowe: "Get into the f**king simple speak: 'We need the moolah, you have it, so you're going to give it to us and when would that be? We'll start there," he tells John Bowe, then director of treasury.

“We’ll be going down there with our arms swinging. I’m very clear on the proposal,” he told Mr Bowe.

“I’m going to keep asking the thick question: ‘When, when is the cheque arriving?”’

The conversations were carried out around September 30th, 2008, when the government brought in a €440 billion guarantee for all Irish banks.

The latest recording was from the night before a crucial meeting with the Financial Regulator.

PA