David Drumm released on bail after surety terms met

Ex-banker’s father and mother-in-law agree to put up €100,000 as part of bail conditions


Former Anglo Irish Bank chief executive David Drumm was released on bail around lunchtime after issues around the sureties being provided by third parties was resolved to the satisfaction of judge Michael Walsh in the Dublin District Court.

Solicitor Aoife Corridon for the defence told Judge Michael Walsh that Mr Drumm’s mother and father-in-law Danny and Georgina O’Farrell had been approved to stand bail.

They have lodged €50,000 while the remaining €50,000 has been frozen in their joint bank account by court order. They confirmed they were aware of court proceedings involving their son-in-law and that they risked losing the bail money if Mr Drumm breaks the bail terms or fails to turn up for his trial.

The 49-year-old former banker had been granted bail terms on Monday by Dublin District Court but had to spend a night in custody. He appeared again this morning at the same court to take up bail on his own bond of €50,000 along with an independent surety in the sum of €100,000.

Mr Drumm was asked by Judge Walsh if he would comply with bail terms and replied: “I will”. The judge also warned him that he must notify the State within 14 days if he intends to rely on an alibi in his defence.

Two books of evidence were served and Judge Walsh noted that the DPP has directed that the former Anglo boss must be tried on indictment. He was returned to appear at Dublin Circuit Criminal Court on April 8th next.

The charges also allege unlawful loans to the so-called Maple 10 group of investors as well as members of Sean Quinn’s family. His bail terms state he cannot leave the country, must sign on twice daily at Balbriggan Garda station and not apply for a new passport.

He must sign on at the Garda station once between 8am and 1pm and once between 4pm and 10pm. He was also required to provide a mobile phone number to Gardai, which much be kept in credit. The former banker was instructed to return Garda calls in a “timely manner”.

The district court has heard he faces a “voluminous” case which could be split into two trials and involves 33 charges of fraud and false accounting. They involve allegations of €7 billion back-to-back transactions with Irish Life & Permanent, which the State believe was part of a conspiracy to defraud.

Wearing a dark overcoat and an open-neck shirt, Mr Drumm blew a kiss to supporters in the public gallery when his next hearing date was set.

Mr Drumm hugged his family on emerging into the foyer of the criminal courts building near the Phoenix Park. He later consulted briefly with his legal team before emerging from the building to a scrum of photographers and television cameras.

He walked slowly with a family member to a waiting black Volkswagen Passet before being driven away.

The banker, who was extradited from the United States on Monday, spent about five months in custody in an American jail and one night at Cloverhill Prison in Dublin.

Mr Drumm was extradited back to Ireland on Monday morning and has been charged with 33 counts of fraud and false accounting relating to his time in charge of Anglo up to the time of his departure in December 2008.

Mr Drumm emigrated to the US in mid 2009 and had initially fought his extradition before withdrawing his appeals and agreeing to return home.

The case is due to resume on April 8th for a discussion about the trial hearing.

Mr Drumm, a father-of-two and a former chartered accountant, was arrested at his home in Wellesley, an upmarket suburb of Boston, on October 10th last year.

At first, he refused to consent to his extradition but after two failed attempts to get released on bail, he changed his mind. Ahead of his extradition, he has been held in custody in four different detention centres in two US states.