Courts / Tipperary / Report
David Drumm: "The man who called the shots"
Summary
David Drumm, former CEO of Anglo Irish Bank, authorised €7.2 billion of back‑to‑back transactions with Irish Life & Permanent in September 2008 that inflated the bank's customer deposits from €44 billion to €51 billion. The scheme, described by the prosecution as a "massive con", involved circular routes through the assurance arm of ILP and was presented as legitimate funding. Drumm pleaded not guilty but admitted the transactions occurred, disputing they were fraudulent. He did not call witnesses. The trial, one of the longest in Irish criminal history, concluded with a unanimous guilty verdict. The prosecution alleged Drumm conspired with former Anglo executives, including Denis Casey, Willie McAteer and John Bowe, to falsify the balance sheet and mislead investors. The case highlighted the bank's desperate liquidity situation amid global financial turmoil and the role of the Financial Regulator in overseeing the transactions. The court found Drumm's actions constituted fraud and conspiracy to defraud.
Who, what, where, when and why
What: Report matter: David Drumm: "The man who called the shots". Charges or matters: both charges, but made admissions on the opening day of the trial, accepting the transactions as alleged took place, but disputing they were fraudulent or dishonest. Procedural stage: trial
When:
- September 2008 Other
- December 2008 Hearing Or Sentence
- March 2008 Other
- March 31 2008 Other
- September 30 Hearing Or Sentence
- September 18 Other
- September 29 Other
- October 1 Other
- November 18, 2008 Other
- November 2008 Other
- December 3 Other
- January 12 Hearing Or Sentence
- 2018-06-06 Publication
Why: 2 billion of fraudulent transactions in order to bolster the customer deposits figure on the bank's balance sheet. CNI source report
Case subjects
Defendant
Charges: both charges, but made admissions on the opening day of the trial, accepting the transactions as alleged took place, but disputing they were fraudulent or dishonest (Alleged Or Contested)
Plea: Not guilty
Places mentioned
Topics
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