Friday 24 November 2017

'Quinn is a cancer growing on the bank'

Sean Quinn
Sean Quinn

Drumm says Anglo's management need to push the "hard facts" to its staff while keeping spirits high with "the Disneyland bit". Bowe states that the run against Anglo which began the previous month when Bear Stearns collapsed was still going on. "Nothing, no new business, no new clients going back in. It is like eh it is like being pulled along by the current," Bowe laments.

Drumm says Anglo's management need to push the "hard facts" to its staff while keeping spirits high with "the Disneyland bit". Bowe states that the run against Anglo which began the previous month when Bear Stearns collapsed was still going on. "Nothing, no new business, no new clients going back in. It is like eh it is like being pulled along by the current," Bowe laments.

The bankers then discuss Sean Quinn, who has taken a massive punt on the bank's shares, and how he is seen internally.

John Bowe: [A senior Anglo banker] described it well, he said, he said this is like a cancer, this is like a cancer growing on the bank, y'know ...

Bowe and Drumm discuss Quinn further. Drumm now realises that the reason Anglo's share price is falling is not just because Quinn has taken a big punt on his bank. Anglo, once the darling of Irish banking, is beginning to be exposed.

David Drumm: It is not about Quinn, this is about fucking Ireland, bad debts, property, we don't like the credit, we don't like the story, it's not in the space anymore.

Bowe: And we're in this spiral and I just want the spiral to go away.

Drumm: So do I.

Sunday Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business