Courts / Dublin / Report

Drumm told colleagues "to look under every rock" during liquidity crisis, trial hears

Summary

During a trial at Dublin Circuit Criminal Court, David Drumm, former chief executive of Anglo, admitted that €7.2 billion worth of transactions between Anglo and Irish Life & Permanent (ILP) occurred in 2008 but denied that they were fraudulent or dishonest. He explained that he had written to senior Anglo colleagues in November 2008 urging a "war cabinet urgency" to address liquidity issues, and that he had asked his staff to "look under every rock" as liquidity fell. Witness Matt Moran, former chief financial officer at Anglo, testified that Drumm had discussed the ILP transaction with the regulator and that the bank's government guarantee had eased pressure on its funding position. Drumm has pleaded not guilty to conspiracy to defraud depositors and investors and to false accounting regarding the 2008 deposits. The case is still pending before Judge Karen O'Connor and a jury.

Who, what, where, when and why

What: Report matter: Drumm told colleagues "to look under every rock" during liquidity crisis, trial hears. Procedural stage: trial

When:

• November 2008 Other
• November 12, 2008 Other
• September 2008 Hearing Or Sentence
• September 30, 2008 Other
• December 3, 2008 Hearing Or Sentence
• 2018-03-07 Publication

Places mentioned

Topics

Stage Trial

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Read the original CNI report