Peter Fitzgerald - The Anglo Tapes, Clip 2 lyrics

[Peter Fitzgerald] Yeah okay. Is anyone else having these meetings with them? [John Bowe] What do you mean? [Peter Fitzgerald] Well I mean, have they had the same conversations with Permo (Irish Permanent) or have they told Permo that they're f**ed like? [John Bowe] No, I wouldn't say so... [Peter Fitzgerald] Okay and what about the Irish Nationwide? [John Bowe] I think they've had discussions with them going back weeks, you know. [Peter Fitzgerald] They took their hands off the steering wheel over there and said we're doing this now. [John Bowe] Yeah. [Peter Fitzgerald] Okay, okay...will it happen? [John Bowe] Well it has to happen. It has to happen, because if it doesn't happen we're going to hit a wall in the next week. [Peter Fitzgerald] Yeah, yeah. [John Bowe] So you tell me what's going to happen. [Peter Fitzgerald] Yeah, and what em... [John Bowe] We're already in breach, you know. [Peter Fitzgerald] I know yeah, but how does this play out? What's the playbook like? What does it look like? [John Bowe] Well, I think there's different playbooks. I thought one playbook is that they, they decide they're willing to put their hands in their pockets and support the financial sector, or at least support the weakest elements of the financial sector. [Peter Fitzgerald] Yeah. [John Bowe] I think another, and I think what comes out of that is that ultimately that gets, that will become apparent, you know what I mean? So either in your accounts or whatever, it will become apparent at some level, it will become apparent that somebody somewhere has borrowed a lot of money, you know. And there will be explanations for that or speculation, so I think what it does is it buys us time. And I would say it buys us up to our year-end results, max. [Peter Fitzgerald] Yeah. And what then? [John Bowe] Well, I think it's what can we do before that, you know, so can we do a deal before that? [Peter Fitzgerald] Yeah. Would it not be easier for them to stuff us into Allied? [John Bowe] Well I think, I think how this works, I think their playbook is stabilise it and then try and sort it out. And I think sort it out means sooner rather than later. So my guess is that within a few weeks they will be asking Allied to get involved or Bank. [Peter Fitzgerald] Yeah, but do they have the capacity to get involved? [John Bowe] I don't think so. [Peter Fitzgerald] That's the problem. [John Bowe] I don't think so. I don't think they have the financial muscle themselves. They don't have the standing in the markets themselves to get involved. [Peter Fitzgerald] True. Well they don't now. Do you know what I mean? They might have had earlier but they don't now. The perception of, like Bank is all over the UK press today, Bank of Ireland you know. [John Bowe] Over what? [Peter Fitzgerald] Just I mean, their, their, their interim statements, their, their..ah, just about everything. I read three or four articles about them online today in the UK. [John Bowe] Yeah. [Peter Fitzgerald] Yeah, I have been hearing like f**in'. I got a text to say that Allied and Bank f**in' play on. [John Bowe] I know yeah, yeah. I know and I know rumor, I think you were there that Bank and Permo (Irish Permanent) had done a deal, you know what I mean. The market is just rife at the moment, you know. I think the reality is that there is certainly a lot more happening than nothing at all. You know what I mean? [Peter Fitzgerald] Yeah, oh yeah, yeah. [John Bowe] You know what I mean. You can take it that in every bank there is boardroom discussions on where to next, you know. [Peter Fitzgerald] ...wants to see us all at a quarter to one. [John Bowe] Right okay. [Peter Fitzgerald] Do you know what that is? [John Bowe] Okay. Are you going to it? [Peter Fitzgerald] No, no, I wasn't invited. I am working here on tactical retail stuff, what we can do today, tomorrow etc. [John Bowe] Is that going on at the moment? [Peter Fitzgerald] It is yeah. [John Bowe] Okay. Jesus I hope he doesn't decide he has to unburden himself.