Former Anglo Irish chief executive David Drumm charged with fraud and forgery in Dublin after extradition to Ireland

 
Billy Bambrough
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A man walks past a branch of an Anglo Ir
Anglo Irish was one of Ireland's worst offenders of so-called casino-style lending that led to the country's financial meltdown (Source: Getty)

The ex-chief executive of failed bank Anglo Irish, David Drumm, has been formally charged with 33 offences relating to the bank's collapse in Dublin after a three year extradition battle in the US.

The charges include forgery, conspiracy to defraud, provision of unlawful financial assistance, false accounting, and falsification of loan facilities, some of which carry sentences of up to 10 years.

Anglo Irish had to be bailed out to the tune of €30bn (£22.4bn) in early 2009, accounting for almost half the €64bn Dublin had to pump into its banks to save the entire sector from collapse.

The bank was put into liquidation in 2013.

The majority of the charges Drumm faces are related to conspiracy to defraud and false accounting of €7.2bn worth of deposits placed in Anglo accounts by the then Irish Life and Permanent in September 2008.

Drumm was also charged over the alleged unlawful lending given to members of the so-called Maple 10 to unwind a secret shareholding built up by tycoon Sean Quinn.

Drumm agreed to return to Ireland last month after he was arrested by US marshals at his home in Boston last October. He had been living there since quitting his post at the bank in 2008 just a month before it was nationalised.

He arrived in the country in the early hours of this morning and entered court a few hours later. His request for bail has been ajourned following concerns raised by the director of public prosecutions and the police fraud squad that he is a flight risk after fleeing to the US and twice being refused bail since his arrest in October.

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