Wednesday 17 October 2018

Jury in David Drumm trial sent home after second day of deliberations

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

Andrew Phelan

THE jury in the fraud conspiracy trial of former Anglo Irish Bank CEO David Drumm has been sent home for the night after a second day’s deliberations.

Judge Karen O’Connor sent the jurors home as they continue to consider verdicts on the charges. They have now been deliberating for more than three hours since they retired yesterday, and will resume tomorrow afternoon.

Mr Drumm (51) is pleading 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 Irish Life and Permanent 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.

At just after 4pm today, the jury told Judge O’Connor they wished to finish deliberations for the day.

The judge told them to return tomorrow.

Earlier, the forewoman asked Judge O’Connor if it would be possible to hear audio recordings in the jury room when needed.

The judge said this was not possible and any recordings the jury wished to hear would have to be played back in the courtroom.

The remaining three women and nine men have been given transcripts of the 2008 phone calls heard during the trial, but yesterday asked to have the audio of one call - between Mr Drumm and Mr Bowe - replayed.

When they retired to begin deliberations yesterday afternoon, after Judge O’Connor told them they must consider each charge separately and their verdicts must be unanimous.

An enlarged jury had sat throughout the 81-day trial due to its length, with two “spares” in case of drop-outs. However, only 12 can consider a verdict and they were selected randomly, with two sent home.

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