Courts / Dublin / Report
Drumm admits to authorising €7.2 billion transactions
Summary
David Drumm, former chief executive of Anglo Irish Bank, pleaded not guilty to conspiracy and false accounting charges. His defence counsel admitted that Drumm authorised a series of transactions in 2008 that inflated the bank's deposits by €7.2 billion. The transactions, described as "March", "June", "September" and "December" deals, involved moving large sums between Anglo and Irish Life & Permanent to increase Anglo's non‑bank deposits and reduce Irish Life's reliance on ECB funding. Drumm admitted to authorising these transactions but disputed that they were fraudulent or dishonest. The trial, held before Judge Karen O'Connor and a jury, focuses on whether the transactions were intended to falsify the bank's balance sheet. The case remains ongoing, with no verdict yet reached.
Who, what, where, when and why
What: Report matter: Drumm admits to authorising €7.2 billion transactions. Charges or matters: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by "dishonestly" creating the impression that deposits in 2008 were €7.2 billion larger than they were; false accounting on December 3, 2008, by furnishing information to the market that Anglo's 2008 deposits were €7.2 billion larger than they were. Procedural stage: trial
When:
- December 3, 2008 Other
- September 2008 Other
- March 16, 2008 Hearing Or Sentence
- March 31, 2008 Hearing Or Sentence
- March 31 Hearing Or Sentence
- June 30, 2008 Hearing Or Sentence
- June 30 Other
- September 20, 2008 Hearing Or Sentence
- September 30, 2008 Other
- December 19, 2008 Other
- December 31, 2008 Other
- 2018-02-09 Publication
Case subjects
Defendant
Charges: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by "dishonestly" creating the impression that deposits in 2008 were €7.2 billion larger than they were; false accounting on December 3, 2008, by furnishing information to the market that Anglo's 2008 deposits were €7.2 billion larger than they were (Alleged Or Contested)
Plea: Not guilty
Places mentioned
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