Sunday 4 December 2016

The cases against Drumm

Published 16/02/2011 | 05:00

A joint investigation from the Garda Bureau of Fraud Investigation and the Office of the Director of Corporate Enforcement wants to interview David Drumm about:

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  • His involvement in the 'Maple 10' loans to key Anglo customers so they could buy shares from tycoon Sean Quinn.
  • His knowledge and involvement in loans to Anglo directors.
  • His knowledge and involvement in the movement of €7bn-plus between Anglo and Irish Life & Permanent to bolster Anglo's books at key reporting dates in 2008.


The Chartered Accountants Regulatory Board is mounting disciplinary proceedings against Mr Drumm from his time as chief executive of Anglo. The watchdog says he has prima facie cases to answer over his role in:



  • The concealment of over €100m in loans by former Anglo chairman Sean FitzPatrick.
  • The multi-billion euro transfers between Anglo and Irish Life & Permanent.
  • Amendments made to the terms of loans to the Maple 10.
  • Loans made to four key management personnel.
  • A loan made to former Anglo finance director Willie McAteer.


Anglo Irish Bank has announced its intention to sue David Drumm for misconduct and deception. It claims he failed to fulfil legal and ethical duties in connection with:



  • The concealment of Mr FitzPatrick's loans.
  • Changes made to Maple 10 loan arrangements.
  • Changes made to terms of loans to three directors and staff.
  • Insertion of non-recourse language into terms of his own loans.
  • The granting of a non-recourse loan to Mr McAteer.


American lender Chase Bank is suing Mr Drumm for fraud over his use of a credit card.

Irish Independent

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