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WHAT THEY SAID ON TAPE

* When asked how did they come up with the figure of €7bn, John Bowe, Head of Capital Markets at Anglo Irish Bank replies: "Just, as Drummer (then CEO David Drumm) would say, 'picked it out of my arse'.

* John Bowe: "If they (Central Bank) saw the enormity of it up front, they might have a choice. You know what I mean?"

* Peter Fitzgerald, Director of Retail Banking at Anglo Irish Bank 'Yeah, yeah, yeah, yeah, yeah. They've got skin in the game and that's the key"

* John Bowe: "They have and they have invested a lot. If they saw, if they saw the enormity of it up front, they might decide, they might decide they have a choice. You know what I mean? They might say the cost to the taxpayer is too high."

* John Bowe: "But... em... if it doesn't look too big at the outset... if it looks big, big enough to be important, but not too big that it kind of spoils everything, then you have a chance."

* John Bowe: "So I can think it can creep up."


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