Drumm gets suspended sentence over illegal "Maple 10" loan scheme

David Drumm, former chief executive of Anglo Irish Bank, has received a fully suspended sentence of fifteen months at Dublin Circuit Criminal Court for his involvement in an unlawful loan scheme. The 51-year-old from Skerries, County Dublin pleaded guilty to ten counts of authorising unlawful financial assistance to the Maple Ten group of developers and businessmen between July 2008. The loans were designed to unwind a substantial undisclosed shareholding in Anglo Irish Bank accumulated by Cavan businessman Sean Quinn through financial instruments. Judge Karen O'Connor imposed the suspended sentence to run concurrently with a six-year custodial sentence imposed following Drumm's conviction on conspiracy and false accounting charges. The judge noted Drumm's role as chief executive meant he held responsibility for ensuring legal compliance and transparency. Drumm was also disqualified from acting as a company director for five years as an automatic consequence of the conviction under the Companies Act.