Honohan described it as fooling the regulator in a “simple and gross way”.
For the liquidity aspect there were probably no real auditing skills needed especially not for rough figures. I’d accept they needed to be called in to to guess how bad were Anglo’s loans or how much collateral Anglo could give but the problem at that stage was seen as how to fund the run on deposits.
There must have been weekly if not daily reports on bank deposits arriving at the central bank so they knew the size of the run.
Seemingly the bank was losing 1B+ a day in deposits and was asking for a 7B cheque to sort itself out, the numbers clearly didn’t add up. All they got from the regulator was Jaze, that’s a lot of money - instead of - what would that buy you apart from a week or two?