Monday 27 May 2019

Timeline: The demise of former Anglo CEO David Drumm

Andrew Phelan

Andrew Phelan

January 2005

David Drumm appointed CEO of Anglo

Summer 2007

Ongoing subprime mortgage crisis in the US.

September 2007

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.

June 2008

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.

June 2009

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.

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