Sunday 22 April 2018

Tapes reveal our banks were being 'laughed at' in late 2007

Paul Williams Special Correspondent

IRISH banks were being "laughed at" by international financiers for claiming in late 2007 that the economy was sound, the latest Anglo Tapes reveal.

Anglo Irish Bank was desperately seeking a reputable endorsement of its financial position to answer mounting questions about it at the time. Bank chiefs believed the markets would not find a reference from an Irish company credible because of a perception the "f***in' Irish are clubbing together".

"That actually makes it worse. It looks like we met them in the pub," a senior executive says.

Declan Quilligan, the head of Anglo's UK operation, complained to the bank's then acting Head of Treasury, John Bowe, that investors in London would not heed any claims from Irish analysts about the state of the Irish economy.

FULL STORY: PAGES 12 & 13

Irish Independent

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