David Drumm hugs family members as he's released on bail
Mr Drumm (49) was released from custody this morning after his father and mother-in-law, Danny and Georgina Farrell, were approved as sureties for his bail.
Published 15/03/2016 | 11:54
FORMER Anglo Irish Bank chief executive David Drumm has been freed on bail and sent for trial on fraud and other charges.
Mr Drumm (49) was released from custody this morning after his father and mother-in-law, Danny and Georgina O'Farrell, were approved as sureties for his bail.
The sureties and Mr Drumm’s own cash bail total €150,000.
Mr Drumm had spent last night on remand in Cloverhill Prison while these were being arranged.
Before his release, he had two lengthy books of evidence served on him at Dublin District Court.
He faces a total of 33 charges relating to his time at the failed Anglo Irish Bank, including fraud, forgery and false accounting.
Judge Michael Walsh remanded him on bail to appear in Dublin Circuit Criminal Court on April 8. His trial there is not expected to begin until 2017.
The case involves allegations of €7bn back-to-back transactions with Irish Life & Permanent, which the State believes was part of a conspiracy to defraud. The charges also allege unlawful loans to the so-called ‘Maple 10’ group of investors as well as members of Sean Quinn’s family.
Mr Drumm has not yet indicated how he intends to plead to the charges.
Mr Drumm arrived in Ireland yesterday following his extradition from the US and was brought to court, where the State objected to bail on the grounds he was a flight risk. However, Judge Walsh held that he had strong ties to this jurisdiction and was entitled to bail.
Today, the court heard Mr Drumm’s own cash bail of €50,000 had been lodged and independent sureties totalling €100,000 were approved.
Half of this is in cash, with the remaining €50,000 frozen in Mr and Ms Farrell’s joint account until the case is completed.
Defence solicitor Aoife Corridan confirmed to the court it was one bank account with two names.
They both gave evidence that they had understood they stood to forfeit the €100,000 if Mr Drumm failed to abide by his bail terms.
They said they had no criminal convictions themselves and were not standing surety for anyone else.
Mr and Ms Farrell also told Dean Kelly BL, for the State, that they were aware of Mr Drumm’s bankruptcy proceedings in the US.
Under bail conditions, the former banker has to live at an address in Skerries and sign on twice daily at Balbriggan Garda Station.
He is to provide a mobile phone number to the gardai and Judge Walsh asked him if he would keep this in credit at all times.
“I will,” he replied.
Mr Drumm must also not apply for a replacement for his passport, which is being held by gardai.
The books of evidence were presented to the court.
State solicitor Deirdre Manninger said the DPP was consenting to the accused being sent for trial to the next sittings of the circuit court.
Judge Walsh then gave Mr Drumm the formal warning that he must provide details of any alibis he intends to rely on to the prosecution within 14 days.
Mr Drumm, wearing a black overcoat with an open-necked blue shirt and dark trousers said “I do, judge”, when asked if he understood the alibi caution.
The court has heard the case will involve more than 100 witnesses and a “voluminous” amount of evidence involving emails, 400 hours of phone recordings and “millions of documents”. Mr Drumm has not yet indicated how he intends to plead to the charges.
David Drumm hugged his in-laws and other family members in the foyer of the Criminal Courts of Justice after he was released from custody.
Shortly after, at around 1.30pm he walked out the front door of the complex where he was greeted by throngs of photographers and journalists.
He made no comment before he was led to a waiting private car and driven away.
Yesterday, gardai said the accused made no reply to any of the charges when they were put to him at Ballymun Garda Station following his arrest at Dublin Airport.
Mr Drumm resigned in December 2008 as Anglo Irish Bank was collapsing.
In 2009, the year the bank was nationalised, he moved to Boston, where he has lived since with his wife and two children.