Timeline: The demise of former Anglo CEO David Drumm
David Drumm appointed CEO of Anglo
Ongoing subprime mortgage crisis in the US.
Run on Northern Rock in UK as banking crisis spreads.
March 13, 2008
Wall Street investment bank Bear Stearns collapses.
March 16, 2008
David Drumm mail to Anglo bankers about Central Bank request: “how the Irish banks could help each other?” Start of the “green jersey agenda.”
March 17, 2008
“St Patrick’s Day Massacre” as Anglo loses 30pc of its share price.
March 31, 2008
Anglo’s first €1bn “back to back” deal with ILP, on its financial half-year end.
Anglo “returns the favour” to ILP with €3bn “repo” deal.
Sept 15, 2008
US financial services giant Lehman Bros goes bankrupt
Sept 18, 2008
Anglo is in breach of its liquidity requirement of banking licence.
Sept 24, 2008
In a meeting, Willie McAteer tells Financial Regulator Patrick Neary Anglo will be “managing the balance sheet, to the reply: “Fair play to you Willie.”
Sept 25, 2008
Anglo’s circular deal with ILP begins. The deal starts with £978m (€1.2bn) transfer, but it has to be reversed because of a glitch.
Sept 26, 2008
The deal continues, €1.2bn transacted.
Sept 29: 2008
€2bn transacted. Near collapse, Anglo seeks €1.4bn in emergency Central Bank funding.
Sept 30, 2008:
€4bn transacted. The Government issues a guarantee covering deposits in all Irish banks.
December 3, 2008
After auditors Ernst & Young give Anglo's accounts a “clean opinion,” the bank publishes preliminary year-end results. Anglo’s share price halves over two days.
December 18, 2008
Anglo Chairman Sean Fitzpatrick resigns
December 19, 2008
David Drumm resigns
January 07, 2009
Financial Regulator Patrick Neary resigns
January 14, 2009
Anglo is nationalised.
Drumm moves to the US.
March 14, 2016
Drumm is extradited from the US, charged and brought before Dublin District Court. He is remanded in custody overnight in Cloverhill prison pending bail paperwork.
March 15, 2016
Drumm is released on bail pending trial.
Jan 10 2018
Drumm's Trial begins.
May 29 2018
Trial ends and jury begins deliberations.
June 6, 2018
Drumm found guilty and remanded on bail for later sentencing.