David Drumm pleads not guilty to conspiracy to defraud

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

David Drumm has pleaded not guilty to conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud Anglo Irish Bank depositors and investors by dishonestly creating the impression that its 2008 deposits were €7.2 billion larger than they were. He has also pleaded not guilty to false accounting on 3 December 2008 by furnishing information to the market that Anglo’s 2008 deposits were €7.2 billion larger than they were.

The proceedings were reported on 27 February 2018. The trial was continuing at Dublin Circuit Criminal Court before Judge Karen O’Connor and a jury. Drumm accepted that transactions worth €7.2 billion took place in 2008 between Anglo and Irish Life & Permanent, but disputed that they were fraudulent or dishonest.

Former Anglo company secretary Natasha Mercer said she sought legal advice after chairman Donal O’Connor asked her to amend audit committee minutes. She said she had no recollection of the terms “balance sheet management” or “window dressing” being used at the meeting, while O’Connor maintained they were. She said the advice was that the chairman had the final say and his record was correct.