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  1. #1
    SKELLY SKELLY is offline

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    BREAKING: Drumm interview with Irish Central.

    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 Facebook
    So 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.

    .........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.....
    So Drumm comes out fighting. Hes some cool customer, il give him that.
    Massive shot across the bows for all concerned!
    Last edited by SKELLY; 30th June 2013 at 01:22 AM.
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  2. #2
    Frank Galton Frank Galton is offline
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    Drumm is not the only one who said Anglo was solvent.

    Brian Lenihan, nationalizing the bank in January 2009

    The Government has today decided, having consulted with the Board of Anglo Irish Bank Corporation plc (“Anglo”), to take steps that will enable the Bank to be taken into public ownership. This decision has been taken after consultation with the Central Bank and the Financial Regulator which has confirmed that Anglo Irish Bank remains solvent.
    January 2009 Statement - Anglo Irish Bank and FAQs - Department of Finance - Government of Ireland
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  3. #3
    jackryan jackryan is offline
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    I presume he will make himself available for any enquiry and come back to the ould sod?
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  4. #4
    alloverbartheshouting alloverbartheshouting is offline
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    "Show some respect!"
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  5. #5
    Tin Foil Hat Tin Foil Hat is offline
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    Quote Originally Posted by jackryan View Post
    I presume he will make himself available for any enquiry and come back to the ould sod?
    Is he still under investigation for credit card fraud in the US?
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  6. #6
    gombeennation gombeennation is offline
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    Quote Originally Posted by jackryan View Post
    I presume he will make himself available for any enquiry and come back to the ould sod?
    i think he will - if he gets an ould 'get out of jail free' ... for spilling the beans ...

    i would say , DD is the man.
    he seems very clever.
    i reckon he would have taped all the calls to deady and fats .... fats knows this and so does enda.

    what enda fears is losing power - and thats why he wants to bury this whole episode.
    ff want it buried too - so they will 'reluctantly' go with endas enquiry - each knowing nothing too damning will be given to the public.

    i think its just got very interesting.
    and i think drummer is just flexing his muscles on this.
    no reason for him to say anything today - but he did.
    all part of the plan.
    im beginning to like this guy.
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  7. #7
    jackryan jackryan is offline
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    Quote Originally Posted by Tin Foil Hat View Post
    Is he still under investigation for credit card fraud in the US?
    Didn't know that? I suppose he apologised for that too?
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  8. #8
    jackryan jackryan is offline
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    Quote Originally Posted by gombeennation View Post
    i think he will - if he gets an ould 'get out of jail free' ... for spilling the beans ...

    i would say , DD is the man.
    he seems very clever.
    i reckon he would have taped all the calls to deady and fats .... fats knows this and so does enda.

    what enda fears is losing power - and thats why he wants to bury this whole episode.
    ff want it buried too - so they will 'reluctantly' go with endas enquiry - each knowing nothing too damning will be given to the public.

    i think its just got very interesting.
    and i think drummer is just flexing his muscles on this.
    no reason for him to say anything today - but he did.
    all part of the plan.
    im beginning to like this guy.
    I think he is just deflecting from himself!
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  9. #9
    He3 He3 is offline

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    Quote Originally Posted by jackryan View Post
    I think he is just deflecting from himself!
    He wouldn't be the only one.
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  10. #10
    SKELLY SKELLY is offline

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    Quote Originally Posted by gombeennation View Post
    i think he will - if he gets an ould 'get out of jail free' ... for spilling the beans ...

    i would say , DD is the man.
    he seems very clever.
    i reckon he would have taped all the calls to deady and fats .... fats knows this and so does enda.

    what enda fears is losing power - and thats why he wants to bury this whole episode.
    ff want it buried too - so they will 'reluctantly' go with endas enquiry - each knowing nothing too damning will be given to the public.

    i think its just got very interesting.
    and i think drummer is just flexing his muscles on this.
    no reason for him to say anything today - but he did.
    all part of the plan.
    im beginning to like this guy.
    I have to agree, he is a smart lad, there was no reason whatsoever for him to speak out.

    Why speak out now?

    Seems Drumm has or might yet have some scores to settle?
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