Thursday 24 January 2019

David Drumm trial: Jury resumes deliberations after last week's delays

Former CEO of Anglo Irish Bank, David Drumm. Photo: Collins Courts
Former CEO of Anglo Irish Bank, David Drumm. Photo: Collins Courts
Andrew Phelan

Andrew Phelan

THE jury in the trial of former Anglo Irish Bank CEO David Drumm has resumed deliberations this morning, after delays last week.

Judge Karen O'Connor this morning sent the jurors back out to consider verdicts in the case after the return of one member who had been absent last Thursday and Friday.

The jury retired to consider verdicts last Tuesday but have been deliberating for just over three hours so far.

Today is the third day of deliberations, which began after 81 days of the trial.

Mr Drumm (51) has pleaded not guilty to conspiring to defraud by dishonestly creating the impression that Anglo's customer deposits were €7.2bn larger than they really were in September 2008.

 He is alleged to have conspired with Anglo’s former Finance Director Willie McAteer and head of Capital Markets John Bowe, as well as Irish Life and Permanent’s then-CEO, Denis Casey, and others.

The Dublin Circuit Criminal Court case centres on a series of interbank deposits which circulated between Anglo and ILP during the financial crisis.

The transfers were routed through Irish Life Assurance (ILA), returning to Anglo where they were then treated as customer deposits, which are a better indicator of a bank’s health.

Mr Drumm also denies false accounting, by providing misleading information to the market.

When they retired to begin deliberations last week, Judge O’Connor told the three women and nine men of the jury they must consider each charge separately and their verdicts must be unanimous.

An enlarged jury of 15 had been empanelled at the start of the trial due to its length and the potential for drop-outs, and 14 remained by the end.

However, only 12 can consider a verdict and they were selected randomly, with two sent home.

Last week, the jurors returned to the court to have one call - between Mr Drumm and Mr Bowe - replayed.

They have also been given transcripts of all the taped 2008 phone calls heard during the trial.

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