Anglo Irish Bank's former CEO back in Ireland to face charges

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A former head of the Irish bank that almost bankrupted the Republic is back in Dublin on Monday to face 33 charges relating to Anglo Irish Bank.

David Drumm fought a four month battle against extradition from the United States to Ireland. He dropped his legal challenge against extradition in February and will appear in Dublin district court later today.

The 49-year old will be formally charged at a city centre police station after arriving at Dublin airport this morning.

Drumm is accused of forgery, conspiracy and false accounting for loans in 2008 designed to rescue Anglo Irish Bank’s share price. The Dublin-born banker denies any wrongdoing.

A year later Anglo Irish Bank was nationalised with the Irish taxpayer having to pay €30bn (£23bn) to rescue a financial institution that was once the preferred bank of builders and property speculators.

It is unclear yet if Ireland’s director of public prosecutions will oppose bail, which Drumm has applied for.

After nationalisation Drumm left Ireland for the United States and refused repeated requests to come home and be questioned over the bank’s affairs.

During the extradition hearing Drumm was moved from his home in an upmarket area of Boston to the Plymouth County Correctional Centre which his lawyers described as “unrelentingly harsh” and “uncomfortable”.

After the rescue of Anglo Irish Bank, it was nationalised and renamed the Irish Banking Resolution Corporation.

The sharp practices at the bank during the Celtic boom, when it became the major financier for over-stretched Irish developers and investors playing the global property market, caused national outrage in Ireland.

Powered by Guardian.co.ukThis article was written by Henry McDonald in Dublin, for theguardian.com on Monday 14th March 2016 10.46 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010

 

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