Friday 22 November 2019

David Drumm pleads guilty to providing unlawful loans during financial crisis

David Drumm. Photo: Damien Eagers
David Drumm. Photo: Damien Eagers
Andrew Phelan

Andrew Phelan

FORMER Anglo Irish Bank CEO David Drumm has pleaded guilty to his role providing unlawful loans to secure the bank’s falling share price during the 2008 financial crisis.

Mr Drumm (51) entered guilty pleas when he was arraigned before Judge Karen O’Connor at Dublin Circuit Criminal Court today.

The charges relate to loans to the so-called Maple 10 group of businessmen.

He admitted authorising or permitting Anglo to give unlawful financial assistance for the purchase of shares to Brian O'Farrell, Gerard Conlon, Gerard Gannon, Gerard Maguire, John McCabe, Joseph O'Reilly, Patrick Kearney, Patrick McKillan, Seamus Ross and Sean Reilly on dates in 2008.

Drumm, wearing a white polo shirt and blue jeans, stood and clasped his hands in front of him as the 10 charges were read out by a court registrar.

“Guilty,” he replied to each.

Prosecutor Paul O’Higgins said the DPP’s intention was to withdraw other counts against Drumm.

Drumm was jailed earlier this month for six years for conspiracy to defraud and false accounting charges. This morning he was produced from custody in Mountjoy, where he is serving his sentence.

Judge O’Connor remanded Drumm in custody for sentencing on July 9.

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