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Central Bank & Regulator "fully aware" of what Anglo was doing, Drumm wrote

Summary

In a trial at Dublin Circuit Criminal Court, former Anglo Irish Bank chief executive David Drumm, aged 51, pleaded not guilty to conspiracy and false accounting charges. Drumm claimed the Central Bank and the Irish Financial Services Regulatory Authority were fully aware of Anglo's actions to protect itself in September 2008, citing an email to former CFO Matt Moran. He alleged that the regulator and the bank had been informed of Anglo's efforts to create the impression that 2008 deposits were €7.2 billion larger than they were. Drumm also stated that the Central Bank governor urged Anglo to engage with other Irish banks for an intra‑Ireland market, and that Anglo had a good relationship with Irish Life and Permanent. The trial, presided over by Judge Karen O'Connor, continues with a jury of ten men and four women. The case remains at the pleading stage, with no verdict yet.

Who, what, where, when and why

What: Report matter: Central Bank & Regulator "fully aware" of what Anglo was doing, Drumm wrote. 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:

• September 2008 Hearing Or Sentence
• January 13, 2009 Hearing Or Sentence
• January 2009 Hearing Or Sentence
• December 3, 2008 Other
• September 30, 2008 Other
• November 2008 Hearing Or Sentence
• 2018-02-21 Publication

Why: Yesterday, Natasha Mercer, former Anglo company secretary, said she amended minutes of a November 2008 audit committee meeting to include a reference to the transaction with ILP because she was asked to do so by bank executives. CNI source report

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report