Courts / Dublin / Report
Drumm authorised deals which led to falsification of Anglo's balance sheet, jury told
Summary
During the opening of David Drumm's conspiracy to defraud trial, the jury was told that Drumm, then chief executive of Anglo Irish Bank, authorised deals that falsified the bank's balance sheet. Prosecutors described him as "the man who called the shots" and said the deals made it appear that customer deposits were €7.2 billion greater than they actually were. Drumm, aged 51, pleaded not guilty to conspiring with former bank officials to defraud depositors and investors by creating the impression of larger deposits in 2008. The prosecution presented recorded phone conversations in which Drumm gave permission for money to "pass go," adding several billion euros in non‑existent customer deposits that circulated rapidly between Anglo, Irish Life & Permanent and Irish Life Assurance before returning to Anglo. The case was presented by Paul O'Higgins SC, and the trial continued in front of Judge Karen O'Connor.
Who, what, where, when and why
What: Report matter: Drumm authorised deals which led to falsification of Anglo's balance sheet, jury told. Procedural stage: trial
When:
- December 3, 2008 Other
- September 2008 Hearing Or Sentence
- September 30th 2008 Incident
- December 2008 Incident
- 2018-02-09 Publication
Why: Counsel explained that deposits from "non banks" are believed to "look better" on a bank's balance sheet and are preferable to deposits from other banks. CNI source report
Case subjects
Places mentioned
Topics
Related court reports
- Man charged with having 56k child abuse images and videos remanded on bail
- Ex-Dáil hopeful's allegations against former employer 'complete fantasy', WRC told
- Mater must pay €10k to worker who said he was wrongly accused of abusing patient
- 'I think we know I won't be getting bail' - Daniel Kinahan charged with directing criminal organisation
- Letting agent who claimed alleged domestic violence victim abandoned tenancy by fleeing to refuge must pay €14.7k
- 77-year-old with 470 convictions told Luas staff to 'f**k off'
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request