So you believe the government and other banks present have much more to answer for on the guarantee than Anglo?
The public has never been told exactly what happened on the night of September 28, 2008. The government's decision to issue the guarantee covering all liabilities and not just depositors, is the root cause of the liabilities that have been placed upon the shoulders of Irish taxpayers, by a decision of the government in secret caucus.
Neither I nor my colleagues nor anyone in the bank were aware of the decision until it became public yet it has been portrayed in the public domain as something promoted by, driven by or demanded by Anglo Irish Bank. This is simply untrue and the facts support this position.
Questions have not been asked as to who benefited from the blanket guarantee, since it was most certainly not in the best interests of the State, and what advice the government received on the night and from whom that advice came. Again I would welcome this disclosure to finally put an end to the accepted untruth that Anglo Irish Bank sought a guarantee.
So what is your belief about why the tapes were released now?
Everyone, Anglo and its officers and directors have been investigated by the ODCE, the Gardai and the Central Bank, as well as the internal investigations that were carried on in the bank itself after it entered public ownership.
These investigators have had all these tapes as well as all the documents that Anglo gave to the Central Bank during the time that Anglo sought liquidity assistance from the Central Bank. Yet, there has been no allegation of wrongdoing against anyone in the bank related to the subject matter on the tapes, which conclusively proves that there was no attempt to mislead the Central Bank or any other criminal or fraudulent conduct relating to the request to the Central Bank for liquidity assistance or to the Government's decision to issue a blanket guarantee, which they didn't even discuss with Anglo. And why are these tapes only coming out now?
The authorities have had all recordings of telephone conversations in the bank at the relevant time in their possession for over four years, with no allegations of wrongdoing coming out of the tapes and yet selected excerpts are only coming to the attention of the public now. There has been no explanation as to who leaked the tapes to a crime correspondent.
There is also no explanation as to why all recordings are not being made available to the public. For example, the taped calls between senior managers (including myself) at Anglo Irish Bank and the Financial Regulator, Central Bank and the Department of Finance would shed light on the context of discussions at the time yet they have either not been leaked or have not being published.
So you believe the excerpts were carefully chosen?
If the public are to be offered selected excerpts which tell a one-sided story of conversations in the banks during the crisis, to suit an agenda set by an unknown special interest, then they should be afforded the opportunity to hear all of them, from all of the banks, along with those of government officials, the Regulator and the Central Bank. Anything less just prolongs the proliferation of inaccurate accounts of the circumstances surrounding the Governments decision in September 2008.
I believe that the Irish public will see a very different picture when the full story is told, having being denied a full account of the precise circumstances for so long.
People have a hard time believing that you were not playing rope-a-dope with the regulator and government in September 2008,
Anglo requested a secured loan facility (the 'Promissory Note') from the Central Bank, to help the bank deal with its liquidity issues following the collapse of Lehman Brothers and the severe dislocation experienced by financial markets at the time.
The request for liquidity support was based on detailed cash flow forecasts going out over a number of weeks, which were updated every day. These updates were discussed with the Central Bank at least once a day during the crisis in September.