Business Irish

Wednesday 21 February 2018

‘An effort to dupe taxpayer’, says FF’s McGrath

Michael Lavery

FIANNA Fail said today there seemed to be “some evidence of a strategy to dupe the taxpayer into footing the bill” at Anglo when the bank themselves knew the ultimate bill would be far greater.

The party’s Finance spokesman Micheal McGrath told the Herald he had listened to the tape recording this morning.

“I have to say I was totally shocked by what I heard, by the flippant nature of the discussion,” Mr McGrath said.

“It became clear that the bank had a strategy of luring the taxpayer into bailing out the bank, despite some people in the bank knowing the full cost would ultimately be far greater than the initial estimate.”

The tapes brought into question how the bank was being run “and the state of knowledge of key executives at the time of the bank guarantee and about the true state of Anglo’s financial position.”

“There seems to be some evidence of a strategy to dupe the taxpayer into footing the bill where the bank themselves knew the ultimate cost would be far greater,” Mr McGrath said.

Fianna Fail was the main party in Government in September 2008 when the recording were made.

In a statement, Mr McGrath said any suggestion that the taxpayer was lured into bailing out Anglo under a false impression about the bank’s financial condition was “deeply disturbing” and had to be fully investigated by the authorities.

Taoiseach Enda Kenny said that he can understand the “anger and rage” provoked by the Anglo tapes.

When contacted about the dramatic tape recording revelations today, a senior source told that the team of detectives who have been investigating the Anglo Irish bank debacle are “aware of the contents of the tapes.”

The senior source explained: “The investigation into all aspects of activity at that bank is almost complete and as part of the process gardai have listened into thousands of hours of taped conversations.

“What has come out today will not in anyway be a surprise to detectives who have been examining these calls as part of the investigation.”

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