Belfast Telegraph

Ex-Anglo Irish Bank boss David Drumm expected to be granted bail

The former head of the defunct Anglo Irish Bank is expected to be granted bail after appearing in court in Ireland charged with 33 fraud-related offences.

David Drumm, one-time chief executive of a bank which cost Irish citizens 29 billion euro (£22.4bn), was extradited from the US overnight and brought before Dublin District Court.

All the charges relate to the lender's operations in the year before it went bust in early 2009.

Wearing a dark suit and a blue shirt and tie, Drumm said he was prepared to give an undertaking not to apply for a new passport if granted bail.

"I am of course, your honour," Drumm told the court.

While Judge Michael Walsh initially granted bail, Drumm was remanded in custody until Tuesday in order for a total of 100,000 euro (£77,500) in bonds to be confirmed.

Drumm will live at Shenick Avenue in Skerries, Co Dublin as he awaits trial, the court heard.

His wife Lorraine is putting their house in Massachusetts up for sale and she is expected to return to Ireland with one of his daughters in late June after she has finished school.

During hearings in the Criminal Courts of Justice, Drumm sat in the dock as some detail of the 33 charges he faces, including fraud, forgery, misleading management reporting, unlawful lending, falsifying documents and false accounting, were read out.

Drumm is charged with conspiracy to defraud and false accounting relating to 7.2 billion euro (£5.6bn) deposits placed in Anglo accounts by the then Irish Life and Permanent in September 2008.

He is also charged under the Companies Act over alleged unlawful lending given to members of the Quinn family and the so-called Maple 10 investors to unwind a secret shareholding in Anglo built up by tycoon Sean Quinn.

He is also charged with breaching rules on making company reports.

Judge Michael Walsh was told the defendant could face an unlimited jail sentence if convicted on one of the charges.

No plea has been entered at this stage.

Lawyers for the director of public prosecutions had objected to bail, claiming the former banker was a flight risk.

Drumm has been in the US since early 2009, shortly after Anglo went bust.

Ireland's fraud squad and the corporate watchdog in the Office of the Director of Corporate Enforcement launched inquiries into the bank's collapse seven years ago.

The court was told repeated and unsuccessful attempts were made by investigators to secure an interview with Drumm in 2010 and 2011, while he was living near Boston.

A number of family members were in the public gallery for the hearing.

The court heard Drumm was arrested at Dublin Airport at 5.30am this morning after gardai travelled to the US to bring him to court.

He was initially taken to Ballymun Garda Station where he was charged before being taken to the Criminal Courts of Justice in Dublin city centre.

He made no reply when the charges were put to him at the station, officers told the court.

The DPP has directed trial on indictment, the court heard.

Garda Sergeant Michael McKenna told the court there would be up to 120 witnesses and minutes from up to 15 company meetings to be produced in evidence.

The court also heard there are company accounts, audio recordings and emails and other correspondence.

Two books of evidence were in the court.

Warrants were issued by the court for Drumm's arrest in June 2013.

He had been living in Wellesley, Massachusetts when he was detained by the US Marshals Service last October a nd he has been in custody in the US since.

Drumm was appointed Anglo's chief executive in January 2005 and resigned in December 2008.

The bank was nationalised early the next year, a move which has cost Irish citizens 29 billion euro (£22.4bn).

Drumm will appear before the same court on Tuesday when bail conditions will be finalised.

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