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Anglo share price almost halved after release of preliminary figures, Drumm trial hears
Summary
During the fifteenth week of David Drumm's trial at Dublin Circuit Criminal Court, a financial analyst, Eamon Hughes, testified that Anglo Irish Bank's share price fell from 0.94c to 0.48c after the release of preliminary 2008 figures. Hughes explained that the drop reflected a 50‑percent decline and that the loan‑to‑deposit ratio had risen, a key metric for investors. He described attending the bank's presentation on 3 December 2008, noting that the figures were later used by Goodbody Stockbrokers to produce an early market assessment. Hughes also acknowledged that the share price slump was traumatic and that the bank's results were below expectations. Drumm, aged 51, has pleaded not guilty to conspiracy to defraud and false accounting, and the prosecution's case is described as "very close to conclusion.".
Who, what, where, when and why
What: Report matter: Anglo share price almost halved after release of preliminary figures, 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:
- December 3rd Hearing Or Sentence
- December 4th 2008 Hearing Or Sentence
- December 3, 2008 Incident
- December 3 Other
- 2018-05-14 Publication
Case subjects
Defendant
Charges: 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 (Alleged Or Contested)
Plea: Not guilty
Places mentioned
Topics
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