Courts / Dublin / Report

Drumm suggested execs should "zoom in" on making "magic number", jury hears

Summary

In March 2008, David Drumm, former chief executive of Anglo Irish Bank, urged executives to hold a conference call to "zoom in" on achieving the bank's target of €5 billion in customer deposits for the half‑year ending March. Mr Drumm, who is on trial for conspiracy to defraud, told the jury that Anglo was primarily a lending bank, not a treasury, and that in 2008 €7.2 billion of transactions occurred between Anglo and Irish Life & Permanent (ILP). He disputes that these were fraudulent. Former chief financial officer Matt Moran testified that by late 2007 Anglo was run by "lending people" and that executives sought funding from banks they had relationships with. Meetings were held in Mr Drumm's office to discuss "special balance sheet initiatives" aimed at increasing funding or capital and reducing lending.

Who, what, where, when and why

What: Report matter: Drumm suggested execs should "zoom in" on making "magic number", jury hears. Procedural stage: trial

When:

• March 2008 Hearing Or Sentence
• December 3, 2008 Hearing Or Sentence
• 2018-03-06 Publication

Why: He told Ms Gearty that the bank was looking at multiple sources of funding in order to be in the most favourable position possible at the end of March. CNI source report

Places mentioned

Topics

Stage Trial

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Read the original CNI report