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Senior exec had concerns about way Anglo was run, Drumm trial hears

Summary

The trial of David Drumm, 51, of Skerries, Co Dublin, continued at Dublin Circuit Criminal Court before Judge Karen O'Connor and a jury. Drumm, the former Anglo Irish Bank CEO, has pleaded not guilty to two charges: conspiring with former officials Denis Casey, William McAteer, John Bowe, and others to defraud depositors and investors by allegedly creating the dishonest impression that 2008 deposits were €7.2 billion larger than they were; and false accounting on December 3, 2008, for allegedly furnishing the market with that inflated figure. The prosecution called Tony O'Hanlon, former head of credit at Anglo, who testified that the bank's practice of fast-tracking credit limit approvals was not normal. He stated he was unable to sign off on a €6.7 billion credit increase for Irish Life and Permanent in September 2008 because he could not authorise it retrospectively. O'Hanlon expressed concerns about the bank's systems and procedures, noting that instructions were given to exclude ILP from daily interbank excess reports. During cross-examination, the defence suggested the witness was applying hindsight, noting a lack of contemporaneous emails outlining his concerns. Drumm accepts that multi-million euro transactions occurred between Anglo and ILP in 2008 but disputes that they were fraudulent or dishonest. The trial, now in its twelfth week, continues.

Who, what, where, when and why

What: Report matter: Senior exec had concerns about way Anglo was run, 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 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
• December 3, 2008 Other
• September 29, 2008 Other
• October 1, 2008 Other
• 2018-04-25 Publication

Case subjects

Places mentioned

Topics

Stage Trial

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Read the original CNI report