(Photo: Reuters)
(Photo: Reuters)

Laughter and mockery on secret phone call recordings between bosses at the now defunct Anglo Irish Bank were a slap in the face for the Irish taxpayer, as the bank's bailout resulted in crippling Ireland's economy.

Across a number of the phone calls heard by the IBTimes UK via Ireland's Independent newspaper, AIB's head of capital markets John Bowe and director of retail banking Peter Fitzgerald laughed, sniggered and mocked the authorities that were preparing a bumper rescue package. Former CEO David Drumm was also on one of the calls.

While both former executives Bowe and Fitzgerald have categorically denied that they deliberately misled the government and regulators over the financial health of the bank at the time, the tone and jokes over several recordings leave little wonder why they've sparked an official investigation.

IBTimes UK listened to the recordings for you and chose some of the worst comments.

1. "Just, as Drummer [David Drumm, former CEO] would say, 'picked it out of my a***''

Bowe was asked on how he arrived at a figure of €7bn (£5.9bn, $9.2bn) for central bank aid.

2. "Yeah and that number is seven but the reality is that actually we need more than that."

Apparent confirmation that the bank's balance sheet needed significantly more bailout cash.

3. "The strategy here is you pull them in, you get them to write a big cheque and they have to keep - they have to support their money."

Bowe detailed to Fitzgerald how asking for less cash may abate fears over the bank's financial health and will win long-term financial support.

4. "You're abusing that guarantee. Paying too much in Germany I heard now as well. Fucking ridiculous John. 'Deutschland, Deutscheland, Ubber Alles ...'"

Executives burst out laughing on a call after singing the first few lines of Deutscheland, a song that hasn't been used since the Nazis used the first stanza in their anthem.

They were laughing at how much German money was flowing into the country as Ireland's finance minister installed a state guarantee scheme for all banks.

5. "I said look they went around with the f****** Union Jack wrapped tightly around them like a jumpsuit and grabbed all the deposits. And where was our f****** Minster for Finance then?"

On one of the call former CEO Drumm said he was wary of authorities setting AIB up for a fall with bailout funds.

6. "So we're going to play a little game ... we won't do anything blatant, but we have to get the money in. Well, we'll have a f****** tiddly-winkle for it"

The bank was close to collapse at this point so Drumm suggests an alternative.

7. "I'm ambidextrous as well. It means I walk on land and water"

Fitzgerald jokes after Bowe and him laugh about the stress AIB is under from the central bank.

8. "So it is bridged [the bank bailout] until we can pay you back ... which is never!"

Bowe tells Fitzgerald about his meeting with regulators the day before this phone recording and how the €7bn proposed bailout was a 'bridging loan.' Both laughed about how the bank would never be able to pay it back.