Wednesday 28 September 2016

Drumm's hug for in-laws who put up €100k to secure his bail

Andrew Phelan

Published 16/03/2016 | 02:30

David Drumm, the former CEO of Anglo-Irish Bank, leaving the CCJ yesterday, after he was released on bail. PIC: COURTPIX
David Drumm, the former CEO of Anglo-Irish Bank, leaving the CCJ yesterday, after he was released on bail. PIC: COURTPIX
David Drumm and his wife Lorraine in the US in 2012

Former Anglo Irish Bank chief executive David Drumm hugged his in-laws before finally walking free from court pending his fraud trial.

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Mr Drumm left the Criminal Courts of Justice flanked by family members to face the waiting media scrum, before being taken to a private car and driven away.

All he was heard to say to reporters' requests for a comment was "Thanks, guys".

Under bail conditions, the former banker has to live at an address in Skerries. Upon arriving at the house, he was greeted by his mother and other relatives. His release came after an overnight stay at Cloverhill prison, and five months in custody in the US.

Mr Drumm (49) was freed after he lodged €50,000 in cash and his parents-in-law Danny and Georgina O'Farrell put up €100,000 sureties for his bail.

Before taking up bail, 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.

He arrived in Ireland on Monday morning 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.

Yesterday, 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 O'Farrell's joint account until the case is completed.

Passport

Under bail conditions, the former banker has to live at an address in Skerries, and sign on twice daily at Balbriggan Garda Station.

Mr Drumm must also not apply for a replacement for his passport, which is being held by gardaí.

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".

Earlier, gardaí 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 Lorraine and two children.

Irish Independent

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