Saturday 27 December 2014

Anglo: The New Tapes - 'I'll tell you what sharp is, sharp is €400 f***ing million of losses...'

David Drumm rants about a plan to burn the bank's own bondholders

Paul Williams

Published 16/07/2014 | 17:37

'THE Anglo Tapes’ shocked the nation last year, reverberated around the world and provided the most vivid insight into the heart of the toxic bank that bankrupted the country.

Following on from the award-winning series, Independent.ie and the Irish Independent return with more startling audio and dramatic revelations from Anglo Irish Bank.

‘Anglo: The New Tapes’ contains astonishing, secret recordings from inside the bank, we also reveal for the first time explosive internal emails and confidential reports that expose what was really going on within the bank as it teetered on the brink of collapse.

Over the coming days, ‘Anglo: The New Tapes’ reveals the culture of excess inside the bank, efforts to play down the financial difficulty the bank was experiencing in the run up to collapse and, now also, the bank's interaction with Sean Quinn.

The cast of characters featured includes former Anglo Irish Bank chief executive David Drumm, this week awaiting the verdict of a US Federal bankruptcy court.

‘Anglo: The New Tapes’ contains the colourful language that has become synonymous with the executives at the bank.

Independent.ie and the Irish Independent will be broadcasting the tapes, running breaking news and analysing these latest developments in the saga.

In this extract, Drumm rants about a plan to burn the bank’s own bondholders, by quietly buying back Anglo’s own bonds at a discounted rate. The bank will then make a profit because of its own precarious financial position.

‘Anglo: The New Tapes’ – only on Independent.ie and the Irish Independent.

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