In its review of the Anglo tapes, the Irish Central Bank has not found any new issues relating to criminal offences.
Central bank said in June that it would work with police to investigate whether employees had breached regulatory requirements. This decision came after the Irish Independent published taped telephone conversations between executives of Anglo-Irish bank. The recordings show that senior Anglo leaders initially planned to seek about ten billion dollars from the Central Bank.
Central Bank said in a statement, “The tapes raised concerns that Anglo may have deliberately misrepresented its financial position when it sought financial support from the Central Bank in 2008.
“No new issues have been identified that relate to suspected criminal offences having occurred and as a result, the Central Bank does not intend and, is not required, to make any further statutory reports of suspected criminal offences.”
Central Bank has been studying the tapes since June and will not be sending any more files to the Irish police or the Office of the Director of Corporate Enforcement.
The regulator reviewed recordings about the Anglo’s preparation to secure a bailout. These recordings involved senior figures at the bank including former chief executive David Drumm. In one tape, Drumm ordered bosses to go to the Central Bank with “arms swinging” demanding “moolah.” Similarly, head of treasury John Bowe claimed regulators were “effectively egging us on- for Irish banks to help each other.”
Executives have denied doing anything wrong.
The failure of the Anglo Irish Bank has cost Ireland about 41 billion dollars and this sum is being liquidated under the Irish Banking Resolution. The Irish Banking Resolution Corporation is a government owned bank formed in 2011 to provide personal and corporate accounts, loans, mortgages, and insurance services.
Irish police first reviewed the tapes three years ago when they began criminal investigations. The tapes date from September 2008 when a Fianna Fail- Green Party Coalition government was in power. Phone calls were recorded because treasury executive John Bowe worked at a trading desk.
The recordings show executives making tasteless jokes and joking about a potential bailout and a blanket bank guarantee.
Where does the term “the luck of the Irish” come from?