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Saturday 17 February 2018

'Five bottles of Cristal' might work, joke bankers

Gavin Sheridan and tom Lyons

JB: "You know Fingleton came out and said we [Anglo] would be an unsuitable acquirer."

MM: "We'd bring governance [with some mirth]."

JB: [Laughs] "His [Fingleton's] pension fund might not be as watertight as he thought."

Mr Moran asks Mr Bowe about a meeting that took place involving Goldman.

JB: "They're more positive, more realistic, more in line with ourselves in terms of what's got to happen in the market. It's probably better if their advice to the Central Bank is . . . real and quick . . . and there's fundamental change coming down the line – and you guys need to be ahead of it rather than behind it. If they're giving that sort of advice, then it's positive for us."

In an attempt to anticipate what is coming down the line after deposits had left the bank, Mr Moran asks what Anglo's situation is.

MM: "Is there the same potential for a run on other money?"

JB: "There's probably €1bn that could be lost in the next week, and probably €1.5bn that could go out in the same sort of time period if the market continues to be very very difficult. Another way of looking at it is, we're looking at needing €14bn over that period. [Frankly] My guess is, we're at half that number."

Mr Moran says it "could be brutal" in the coming months, as the conversation turns to getting money from a named [overseas] banker.

MM: "If I can get a bit of drink into him I might say to him I'd like about €5bn, before the 30th [Anglo's year end]."

Mr Bowe laughs.

JB: [Joking] "Get him to sign the beer mat."

[Then, more seriously] "Do you think he could give us a one-night stand?"

MM: "If I can promise him there's no STD out of it."

JB: "And he [the banker] says, 'Of course, how much do you want?' Then you just say, 'How much have you had to drink, five vodkas?'"

Perhaps referring to the scale of the problem facing Anglo, he indicates five vodkas might not be enough for the banker.

MM: ". . . five bottles of Cristal?"

Irish Independent

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