Friday 20 October 2017

The recording: Key quotes

Excerpts from the tapes of the conversation between John Bowe and Peter Fitzgerald.

* Look, c'mere . . . What's goin' on?'

'Ah Jesus . . .'

'Tell me the . . .'

'Fun and games, yeah. We went down to the, em . . . We went down to the Regulator.'

Peter Fitzgerald and John Bowe

* Went into IFSRA and basically kind of gave it to them between the eyes and they were sort of pointing in different directions. 'Not us . . . not us, but geez, you would want to get on that, that sounds . . . hmm . . . hmm.'

John Bowe

* So, under the terms that say repayment, we say, 'No'. (Laughing)

'None . . . just none. Not applicable.' What did he say? 'I need a change of underwear.'

John Bowe and Peter Fitzgerald

* And I said, 'take it that the other Irish banks will not be able to raise any wholesale funding for, for how long you want . . .''

John Bowe

* So, either in your accounts or whatever, it will become apparent at some level, it will become apparent that somebody somewhere has borrowed a lot more money, you know. And there will be explanations for that or speculation, so I think what it does is it buys us time.'

John Bowe

* Em . . . there's a lot at stake here, isn't there?'

Peter Fitzgerald

* But the reality is that actually we need more than that. But you know, the strategy here is you pull them in, you get them to write a big cheque and they have to keep, they have to support their money, you know.'

John Bowe

* They have and they have invested a lot. If they saw, if they saw the enormity of it up front, they might decide, they might decide they have a choice. You know what I mean? They might say the cost to the taxpayer is too high. But . . . em . . . if it doesn't look too big at the outset . . . if it looks big, big enough to be important, but not too big that it kind of spoils everything, then you have a chance.'

John Bowe

* What will it end up being? It could be breaking it up and selling individual books, it could be nationalisation.'

John Bowe

Irish Independent

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