Drumm F-word phone rant
»»ex-anglo boss called Central Bank ‘a shower’ »»Court told he made threat to collapse bank
FORMER Anglo boss David Drumm described the Financial Regulator as “Freddie f***ing Fly”, a court heard yesterday.
And despite looking for emergency funding from the Central Bank he referred to it as “that f***ing shower of clowns down in Dame Street”.
On day 30 of Drumm’s trial at Dublin Circuit Criminal Court the jury heard recordings of phone calls made in late September 2008.
Six of the eight conversations played were between Drumm and former Director of Treasury at Anglo, John Bowe.
Two calls between Drumm and Mr Bowe from September 18, 2008 were played.
In one Drumm described what he planned to do when he met “those f***ing clowns down on Dame Street” the following day when asking for emergency funding for Anglo.
He told Mr Bowe: “I’m going to keep asking thick questions. When is the cheque coming?” He also said they needed to “get into the f***ing simple speak”.
Drumm is heard saying if the Anglo bankers showed up with horrible numbers at least they looked like they had put up a fight.
And he tells Mr Bowe he plans to tell the Financial Regulator: “We were badly f***ing damaged like everyone else but we rebuilt and here’s a f***ing balance sheet.”
Drumm also referred to “other f***ing non-normal things” such as the collapse of Lehmans Bank.
The 51-year-old said he planned to ask the Financial Regulator: “How are you getting on with that loan, lads?”
In the second call on September 18, Drumm asked Mr Bowe what would happen should the bank receive a ratings downgrade.
Mr Bowe replied Anglo’s entire book would be affected by such an event. Drumm said: “We’re not a morsel, we’re half an element in their terms.”
Mr Bowe then read a draft letter from Anglo to the Central Bank regarding Anglo’s liquidity ratio and told Drumm there was “no point whinging about it as we’re effectively beholden to them”.
Drumm said to Mr Bowe that if the Central Bank didn’t give funding in the coming days they would cause a bank collapse.
The phone call ends with the men agreeing to meet for “a coffee and a pep talk” the following morning in advance of their meeting with the Financial Regulator who Drumm referred to as “Freddy the f***ing Fly”.
Drumm, with an address in Skerries, Co Dublin, has pleaded not guilty to conspiring with others to defraud Anglo depositors and investors by “dishonestly” creating the impression that deposits in 2008 were €7.2billion larger than they were.
He also denies false accounting on December 3, 2008, by providing information to the market that Anglo’s 2008 deposits were €7.2billion larger than they were.
We’re not a morsel, we’re half an element in their eyes
DAVID DRUMM On HOW he FELT ANGLO WAS SEEN