A senior Anglo Irish Bank executive told colleagues that the Financial Regulator was “more or less...not looking” at a proposed short-term loan of €500 million between Anglo and Irish Life & Permanent (ILP). Mr Gantly said: “You put the stuff into us, we’ll put it straight back through our other boys. He [Mr Gantly] said it’s not going to be a problem. Because, as they see it, you might as well be hung for a sheep as a lamb,” Mr Cullen says on the tape. Mr Cullen then added that Mr Gantly mentioned ILP would be looking for a favour from Anglo in return.

Source: The Irish Times February 14, 2018 21:22 UTC