The former chief of the Anglo Irish Bank has apologised for the remarks he made in recorded phone calls during the bank's collapse in 2008.
In recordings leaked to the Irish Independent newspaper, senior Anglo Irish Bank officials were heard joking with one another about the institution's large losses.
David Drumm, former chief executive officer of the bank, revealed in an Irish Central interview that he was "shocked and embarrassed" by the tapes and apologised for his "inappropriate" language.
"I cannot change this now but I can apologise to those who had to listen to it and who were understandably so offended by it," he added.
The Irish government issued a blanket guarantee in 2008 for deposits in Irish banks, which made taxpayers liable for the debts run up by the financial institutions.
In the recordings, Mr Drumm laughs while an Anglo Irish Bank executive sings the German national anthem - referring to the large deposits flowing into the institution from Germany as a result of the guarantee.
Another Anglo Irish Bank executive, John Bowe, is also heard saying that he made up the €7 billion figure when authorities asked how much money was needed to rescue the bank.
By Tony Aynsley