Tuesday 20 February 2018

Drumm complains he's being made a scapegoat by 'protected' officials

Former Anglo CEO David Drumm
Former Anglo CEO David Drumm

Edel Kennedy

FORMER Anglo Irish Bank chief executive David Drumm has claimed he is being made a scapegoat for the banking crisis.

More secret tapes have been published in the Irish Independent and its sister paper, the Sunday Independent, revealing the astonishing culture within the bank during its nosedive towards nationalisation.

Mr Drumm, who is from Skerries in north Co Dublin, fled to the US after Anglo collapsed.

He has repeatedly refused to come back to Ireland to answer any questions about the bank's conduct as it sought taxpayer support.

But Mr Drumm attacked what he called the "drip, drip, drip" release of phone recordings made at the toxic lender in 2008.

In a statement released to RTE, Mr Drumm said that politicians and people he described as "politically connected former bankers and politically protected senior public servants", were making him a scapegoat.

His comments come after the Irish Independent revealed the damning telephone conversations between various executives in Anglo Irish Bank as they sought a bailout in September 2008.

Anglo Irish was the first Irish bank to seek a government bailout.

It ran into trouble after lending tens of billions of euro to property developers before the collapse of the property market.

A government rescue package eventually cost Irish taxpayers around €30bn and the bank was nationalised in 2009.

The banking crisis also led to Ireland having to ask the International Monetary Fund and the European Union for an €85bn bailout in 2010.

But Mr Drumm claimed a campaign of misinformation about the bank guarantee had been going on for several years, and it had to stop if the public was to finally understand what had happened.

Former Anglo executive John Bowe – who can also be heard on some of the tapes – has denied misleading banking regulators in Ireland.

Irish Independent

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