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"Excellent people" sourced to carry out "healthy checks and balances" at Anglo, Drumm trial hears
Summary
During the 52nd day of David Drumm's trial at Dublin Circuit Criminal Court, former Anglo Irish Bank non‑executive director Michael Jacob testified that the bank sourced "excellent people" to conduct "healthy checks and balances" amid the 2008 financial crisis. Jacob explained that Anglo's financial reporting had evolved and that the bank had engaged the firm PWC to review its audit and risk committees, ensuring no overlaps or gaps. He described the period as an "exceptional time" in international finance, noting the disappearance of major companies and the resulting funding challenges. Jacob also recounted attending a board meeting on 24 October 2008, where he could not recall any discussion of the Anglo‑Irish Life & Permanent transaction, which was first documented in a PWC report circulated to directors. The trial, now in its tenth week, continues before Judge Karen O'Connor and a jury of ten men and four women. David Drumm pleaded not guilty.
Who, what, where, when and why
What: Report matter: "Excellent people" sourced to carry out "healthy checks and balances" at Anglo, Drumm trial hears. Charges or matters: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo Irish Bank 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
- October 24, 2008 Incident
- 2018-04-11 Publication
Why: Mr Jacob told the jury that it was "an exceptional time" in international finance because very significant companies disappeared overnight. CNI source report
Case subjects
Defendant
Charges: conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo Irish Bank 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
Topics
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