Advertisement

EXPLAINER: What is a David Drumm?

Former chief executive of Anglo Irish bank, David Drumm, last week appeared before a court in Bos...
Newstalk
Newstalk

17.53 16 Oct 2015


Share this article


EXPLAINER: What is a David Dru...

EXPLAINER: What is a David Drumm?

Newstalk
Newstalk

17.53 16 Oct 2015


Share this article


Former chief executive of Anglo Irish bank, David Drumm, last week appeared before a court in Boston as authorities attempt to bring him home to face charges relating to his time as head of the collapsed bank.

Mr Drumm's defence claimed the case was complicated, and have asked for up to four months to prepare for his hearing. His hearing will take place on October 26th for bail.

Mr Drumm left the country in 2009 and filed for bankruptcy in the US in 2010. He has since refused to appear in person at the Banking Inquiry.

Advertisement

Earlier this year, the Inquiry agreed not to publish a written statement by Mr Drumm or hear his evidence by video link after concerns were raised by the DPP.

Drumm is the name often bandied around when it comes to Anglo Irish Bank and the subsequent crash but who exactly is he?

Who is he?

Born in Skerries, Dublin, Drumm joined Deloitte and Touche from school to train as a chartered accountant.

He moved to the International Fund for Ireland in 1989 and went from there to an assistant manager position in Anglo Irish Bank, eventually making Chief Executive in 2005. He left his position in the bank following the resignation of Sean FitzPatrick in 2008.

By the time both men had resigned, there was a lot of speculation about some hidden loans...

What has been accused of?

In 2008, Sean FitzPatrick admitted that he had hidden almost €87 million in loans.

FitzPatrick recently pleaded not guilty to 27 offences under the 1990 Companies Act. These include 21 charges of making a misleading, false or deceptive statement to auditors and six charges of furnishing false information in the years 2002 to 2007.

He had been due to stand trial earlier this month but Mr Justice Michael Moriarty ruled last August at the High Court that the trial should be put back by seven months due to adverse publicity about Mr FitzPatrick.

On the other hand, Drumm faces 33 criminal charges, including counts of false reporting, giving unlawful financial assistance, forgery, being privy to the falsification of documents, and conspiracy to defraud dating from his time at the helm of the bank.

The hearing on his detention in the US has been postponed until the October 26 as his lawyer, Tracy Miner, told the court she needed more time to prepare arguments on why he should be released .

November 10th has been set for a status conference in the case.

The Anglo tapes 

On Monday, June 24, 2013, the Irish Independent broke the story of the Anglo Irish tapes, revealing audio phone calls between some of the prominent people from Anglo Irish bank.

The tapes revealed Anglo staff laughing and joking about abusing the bank guarantee in the days after its introduction. 

Further transcripts of conversations between Anglo Irish Bank executives were printed in the Irish Independent and released on Independent.ie - this time recorded shortly after the bank guarantee scheme was introduced in 2008.

In an extract from a tape featuring former Anglo CEO David Drumm, he warns his executives not to get caught abusing the guarantee scheme, warning them not to do anything blatant, but to get the money in.

Mr. Drumm is also heard laughing as another executive sings the old German national anthem, as deposits from the country pour into Anglo under the scheme.

Following the release of the tapes, the Irish Independent were found in contempt over some of the coverage.

What kind of life did he live in the US?

After Drumm left in 2009, he moved to Boston with his family where he filed for bankruptcy in 2010, looking for a fresh financial start.

Seven months after David Drumm's Boston bankruptcy trial, a US Judge rejected his bid. 

In a damning 122 page ruling - Judge Frank Bailey -said that the 48 year old had made statements to the court that were "both knowing and fraudulent" and that the former Anglo Irish Bank boss - had been "not remotely credible."

For a time, he worked as a financial consultant, mentioning that he hoped to rebuild his life following the trial.

In an interview with the Sunday Business Post in 2011, he detailed the fact that he had a long connection with Boston and had helped set up the bank there. 

Whether or not he will be granted bail will be decided on October 26th. However, the extradition case could drag on for quite some time.  


Share this article


Read more about

News

Most Popular