John Bowe - The Anglo Tapes, Clip 1 lyrics

[Peter Fitzgerald] Eh what does that mean? Can I work the computer is it? [John Bowe] Therapeutic, therapeutic. I was just ringing you. [Peter Fitzgerald] I'm ambidextrous as well. It means I can walk on land and water. [John Bowe] You can drink, you can drink beer out of both hands. [Peter Fitzgerald] Look c'mere, what's going on? [John Bowe] Ah Jesus... [Peter Fitzgerald] Tell me the... [John Bowe] Fun and games. yeah. We went down to the, we went down to the regulator. Did I tell you that we went down to the regulator yesterday? [Peter Fitzgerald] Yesterday? Yesterday, yeah, yesterday was fine. Yeah, I got yesterday, yeah. [John Bowe] And we basically...did I tell you we went down in the evening? [Peter Fitzgerald] No, no you didn't. [John Bowe] Went into IFSRA and basically kind of gave it to them between the eyes and there were sort of pointing in different directions. Not us, not us but Jeez, you would want to get on that, that sounds...hmm...hmm. So we went down... and we basically said... [Peter Fitzgerald] In Central? [John Bowe] In Central yeah. And I mean to cut a long story short we sort of said look, what we need is €7 billion and we're going to give you, what we're going to give you is our loan collateral so we're not giving you ECB, we're actually giving you the loan clause. We gave him a term sheet and we put a pro note facility together and we said that's what we need. And that kind of sobered up everybody pretty quickly, you know. [Peter Fitzgerald] Yeah. [John Bowe] And why do you need that and what's happening...and Jesus oh...oh...you have certainly focused our minds. So I think. [Peter Fitzgerald] And is that €7bn a term? [John Bowe] This is €7bn bridging. [Peter Fitzgerald] Yeah. [John Bowe] So... so it is bridged until we can pay you back...which is never. [Peter Fitzgerald] Yeah, yeah, and that's in the pro note, that's in the terms and conditions? [John Bowe] (Laughing) That's right. So under the terms that say repayment, we say: no. [Peter Fitzgerald] None...just none. Not applicable. Okay and what did he say? "I need a change of underwear?" [John Bowe] (Laughing) There was a bit of that, there was a bit of that [discussing meeting with regulator]. Jesus that's a lot of dosh. Jesus f**ing hell and God. Well, do you know the Central Bank only has €14 billion of total investments so that would be going up to 20. Gee, that would be seen. And how would we do that? Gee, we would need to give you. We need to. Jesus, you're kind of asking us to play ducks and drakes with the regulations," and we said yeah. We said, look what we are telling you is that if we get into difficulties we have 100,000 plus lump sum depositors in Ireland, all of whom would be very vocal. And I said, "take it that the other Irish banks will not be able to raise any wholesale funding for, for how long you want. So I said, "Bank of Ireland, their balance sheet is €200 billion and 45 per cent of that is wholesale, so let's call that €90bn. And let's say that 60 per cent of that is rolling in the next 12 months, so that's €54 billion - take it that that won't roll...okay. And I said you can also do a similar sum for Allied [Allied Irish Bank] and Irish Permanent. So I said that's what is at stake because these guys, even though they're big in our world, are minnows in the outside world. [Peter Fitzgerald] Yeah. [John Bowe] So I said that's what you're protecting. And I said you have got to. So anyway, that sort of got everybody's attention and then we had Pat Neary. Pat Neary coming in and saying (mimicking), "C'mere lads, I just want to have a word with ya...yeah Jesus...so look c'mere, have you actually got a**ets, decent a**ets, that you can put in play? Is there stuff in there, like, that has value, you know?' [Peter Fitzgerald] Yeah, yeah. [John Bowe] "And look lads you know, if you're going for this now make sure whatever you get sorts it out. Okay? You know?” [Peter Fitzgerald] What do you mean whatever you get sorts it out? [John Bowe] In other words, whatever you get from the Regulator sorts out the issue. [Peter Fitzgerald] Oh yeah, yeah...just makes it f**in' happen [John Bowe] Don't... [Peter Fitzgerald] Don't f** it up. [John Bowe] Don't be coming back. [Peter Fitzgerald] Yeah...don't f** it up...yeah, yeah, yeah.