Drumm rules out return to State, citing 'unfair' media

THE FORMER chief executive of Anglo Irish Bank David Drumm has ruled out any return to Ireland and repeated his claim that the Central Bank, the Financial Regulator and the Department of Finance all knew the details of the controversial Maple 10 share deal which saw the bank lend €450 million to 10 customers so they could buy Anglo shares.

In an interview with yesterday's Sunday Business Post, he said that when he told the authorities he was going to lend the money to the 10 so they could buy shares and reduce the stake held by Seán Quinn, "they were thrilled, chirpy". He said the Central Bank and Financial Regulator said "'let's get this done' because the fear factor was just huge".

The so-called Maple 10 transaction was organised by Anglo to prevent the shares being sold in the market, a move that would have further destabilised the bank at the peak of the financial crisis in 2008.

In the interview, Mr Drumm also insisted that Anglo had not misled the Government about the extent of its loan book on the night of the bank guarantee and said that Seán FitzPatrick’s practice of warehousing loans was also known to the regulator in 2007.

The interview echoes claims he made two weeks ago when he challenged the bank’s Anglo’s lawsuit against him in his US bankruptcy case, arguing that the Financial Regulator was “fully aware” of the transferring of Seán FitzPatrick’s multimillion euro loans off the books of the bank.

In the interview, Mr Drumm also ruled out any return to Ireland and said he would remain in the US, where he has a job working in “mergers and acquisitions”.

He said the way he was being depicted “by that country, by the country’s media, or participants, is completely and utterly unfair”. He asked why he should return to a country where “politicians, senior ministers and even High Court judges have more or less stated that ‘we are going to get him’”.

He also described Seán FitzPatrick as “a controlling person”. Mr Drumm said he “ran the board, in a highly premeditated, controlled manner. There were meetings before board meetings to make sure he got what he wanted and so on. Seán was like that before I became CEO, he was 18 years as CEO and he wasn’t planning on changing. So as chairman he was an executive chairman for all intents and purposes and a highly controlling one, there is no doubt in that. Anyone that knows him, knows that is true.”