I wont post the whole thing, just some extracts, full interview is here
Former Anglo Irish Bank chief David Drumm apologizes on tapes, says inquiry needed on bank guarantee | Irish News | IrishCentral
Some qoutes of note
So Anglo was not (gaurantee night)present?
Anglo Irish Bank was not represented and was unaware of the meeting in Government Buildings and found out about the guarantee the following morning at the same time the public was made aware through media reports. This has never been fully explained to the Irish public.
At no time did Anglo Irish Bank request the Central Bank or the Financial Regulator to ask the government to issue a blanket bank guarantee of all Irish banks' liabilities.
Read more: Former Anglo Irish Bank chief David Drumm apologizes on tapes, says inquiry needed on bank guarantee | Irish News | IrishCentral
Follow us: @IrishCentral on Twitter | IrishCentral on FacebookSo what is your belief about why the tapes were released now?
....The authorities have had all recordings of telephone conversations in the bank at the relevant time in their possession for over four years, with no allegations of wrongdoing coming out of the tapes and yet selected excerpts are only coming to the attention of the public now...
But doesn't this tape extract prove that Anglo knew the final bill would be much higher?
....There was no attempt whatsoever to conceal the extent of the cash flow problems from the Central Bank and the Regulator. On the contrary they were all too intimately aware of just how critical things were in Anglo Irish Bank along with all other Irish banks.....
But surely you must have known Anglo was about to go bust?
IBRC, as successor to Anglo Irish Bank, recently provided sworn testimony in the High Court that the bank was solvent in 2009. This begs the question: either the sworn testimony is inaccurate or the sworn testimony was correct and the bank was also solvent in 2008. There has been no attempt to clarify this issue.
The 2008 audited accounts for the bank were signed off by government-appointed directors in February 2009....
While I am aware there is much debate on the issues of 'solvency' as opposed to 'liquidity' during this period, I can only deal with what was happening at that precise time, and these issues were at that time entirely separate.
So Drumm comes out fighting. Hes some cool customer, il give him that..........The Anglo loan book was reviewed in detail in late 2008, firstly by a committee of the non-executive directors, led by Donal O'Connor, and subsequently by PWC, appointed by the Central Bank. The bank's bad debt provisions were deemed to be sufficient after all reviews. Otherwise, presumably, the 2008 accounts would have been amended if it was concluded at the time that additional provisions were necessary.....
Massive shot across the bows for all concerned!