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A recorded conversation between David Drumm, Chief Executive of Anglo Irish Bank and John Bowe, Director of Capital Markets Anglo Irish Bank on October 2, 2008.

Drumm: "Ah you're abusing that guarantee. Paying too much in Germany I heard now as well. F***ing ridiculous, John"

Bowe: (singing) "'Deutschland Deutschland Uber Alles"

Drumm: "I had XXX (regulatory official) on this morning. I just should be recording these calls for the f***ing craic - or at least making notes."

Bowe: "He was onto me as well."

Drumm: (Mimicking) " 'It's f***ing awful, what's going on out there, I mean the f***ing Germans are on to us now, David, you know'

Drumm: " 'We won't do anything blatant, but XXX, we have to get money in' ."

Bowe: "Yeah, well, you know, what he's doing is he's saying: (Mimicking) 'Now eh.. be careful out there."

Drumm: "Well we'll have to f**ken tiddly-winkle for it"

Bowe: "So I'm just saying to the guys: 'Look, just be smart.."

Drumm: "Yeah"

Bowe: "..don't be stupid, get it in, don't be overtly pumping it so that somebody can quote you.."

Drumm: "Yeah."

Bowe: " ... . but we want to get the liquidity ratios."