Friday 20 July 2018

Former Anglo CEO David Drumm due to be sentenced today following guilty verdict

Mr Drumm is facing an unlimited maximum jail term having been found guilty of conspiracy to defraud and false accounting

David Drumm, former Anglo Irish Bank Chief Executive arrives at the Dublin Circuit Criminal Court for his sentencing hearing. Picture: Damien Eagers
David Drumm, former Anglo Irish Bank Chief Executive arrives at the Dublin Circuit Criminal Court for his sentencing hearing. Picture: Damien Eagers
David Drumm, former Anglo Irish Bank Chief Executive arrives at the Dublin Circuit Criminal Court for his sentencing hearing. Picture: Damien Eagers
David Drumm, former Anglo Irish Bank Chief Executive arrives at the Dublin Circuit Criminal Court for his sentencing hearing. Picture: Damien Eagers
Independent.ie Newsdesk

Independent.ie Newsdesk

ANGLO Irish Bank’s former CEO, David Drumm is due to be sentenced today after being found guilty of conspiracy to defraud and false accounting in a €7.2bn “confidence trick” on the markets during the 2008 financial crisis earlier this month.

Mr Drumm arrived at the Criminal Courts of Justice at 8.25am this morning for his sentencing hearing.

Earlier this month the jury delivered its verdict on both counts, after one of the longest-running criminal trials in the history of the State.

At the time, Drumm, who had denied the charges, stared impassively but open-mouthed at the jury as the verdict was read out, but showed no other reaction.

David Drumm, former Anglo Irish Bank Chief Executive arrives at the Dublin Circuit Criminal Court for his sentencing hearing. Picture: Damien Eagers
David Drumm, former Anglo Irish Bank Chief Executive arrives at the Dublin Circuit Criminal Court for his sentencing hearing. Picture: Damien Eagers

Judge Karen O’Connor remanded him on bail for sentencing at a later date after his defence made a bail application on “humanitarian” grounds.

The gardai had objected, saying they considered Drumm a “flight risk.”

He faces an unlimited maximum potential jail term on one charge and 10 years in prison on the other.

The three women and nine men of the jury reached their unanimous verdicts after deliberating for 10 hours and 32 minutes, following a trial that lasted 87 days.

David Drumm, former Anglo Irish Bank Chief Executive arrives at the Dublin Circuit Criminal Court for his sentencing hearing. Picture: Damien Eagers
David Drumm, former Anglo Irish Bank Chief Executive arrives at the Dublin Circuit Criminal Court for his sentencing hearing. Picture: Damien Eagers

Drumm (51) had 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 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 case centred on a series of interbank deposits which circulated between Anglo and ILP.

Drumm had also denied false accounting, by providing misleading information to the market.

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