Business Anglo Tapes

Friday 22 August 2014

Merkel ally describes Anglo’s German comments as ‘unbearable’

Published 26/06/2013 | 14:24

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German people are disgusted and offended at comments by Anglo executives as revealed by the Irish Independent, according to a leading politician.

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Micheal Fuchs, deputy parliamentary leader of the Christian Democratic Union – the party of Chancellor Angela Merkel – said the recordings were “unbearable”.

In a set of phone calls detailed by the Irish Independent, executives at the toxic Anglo Irish Bank laugh about abusing a blanket bank guarantee to beef up the books at the expense of Germany and the UK.

One conversation - taped two days after the fateful September 30, 2008 bank guarantee - hears former chief executive David Drumm giggle while his colleague John Bowe recites lines from ‘Deutschland Uber Alles’. 

“We are offended,” Mr Fuchs told RTE earlier today. “If you have a feeding hand you shouldn't bite into it.”    

He added “it’s really dangerous” language as German politicians are trying to convince local taxpayers to support European countries, such as Ireland. “It's absolutely unbearable that somebody is talking like this,” he said.

Bowe said in a statement that the language used in the taped recordings of internal bank conversations "was imprudent and inappropriate."

Fuchs, as reported by Bloomberg, said that he didn't believe that Europe's permanent bailout fund – the European Stability Mechanism (ESM) will be able to retrospectively provide funds to bailed-out surviving Irish banks.

“As far as retrospective is concerned this is not going to be possible because the ESM can only go forward and not back. I have the feeling it is only for future problems but not for those prior to 2012.”

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