Peter Fitzgerald - The Anglo Tapes, Clip 3 lyrics

[Peter Fitzgerald] I know, I know. Em...there's a lot at stake here isn't there? [John Bowe] Yeah. [Peter Fitzgerald] How do they make it happen? [John Bowe] How does who make it happen? [Peter Fitzgerald] How do they make it happen you know? [John Bowe] Yeah, yeah. But we're into a different phase now you know. [Peter Fitzgerald] Ah we are, yeah, and what, who did you arrive at the seven? [John Bowe] Just, as Drummer would say, picked it out of my arse, you know. Em...I mean, look, what we did was we basically said: what is the amount we can securitize over the next six months? And basically say to them: look, our problem is time; it's not our ability to create the liquidity, the enemy is time here. [Peter Fitzgerald] Yeah. [John Bowe] So we can rebuild, in other words, we can rebuild the liquidity off our loan book, but what we can't do is, we can't do it now and the balance sheet's leaking now. [Peter Fitzgerald] Yeah, yeah unless the balance sheet stabilises, then you can buy some time. [John Bowe] Yeah and that number is seven. But the reality is that actually we need more than that. But you know the strategy here is you pull them in, you get them to write a big check and they have to keep, they have to support their money, you know. [Peter Fitzgerald] 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 upfront they might decide, they might decide they have a choice. You know what I mean? They might say the cost to the tax payer is too high. 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. [Peter Fitzgerald] Yeah, yeah. [John Bowe] Then, then I think you have a chance. So I think it can creep up. [Peter Fitzgerald] Yeah, yeah, yeah. They'll give you a bit of drip. [John Bowe] Yeah. [Peter Fitzgerald] What do you think will happen? [John Bowe] What do I think will happen? I don't know. I really don't know. I mean I don't think we're an easy sell to anyone. [Peter Fitzgerald] No. [John Bowe] And the home interest should be, should be there, except that they don't have the financial standings themselves. So do I think it's going to be possible to offload it? No I don't. What will it end up being? It could be breaking it up and selling individual books; it could be nationalization, you know. [Peter Fitzgerald] Yeah.