David Drumm to spend night in jail; bail arrangements to be finalised tomorrow

The former CEO of Anglo Irish Bank, David Drumm, has been charged with 33 criminal offences this morning after he was extradited back from the US.

Update 4pm: David Drumm today agreed to secure his bail by lodging €50,000 himself. Another €50,000 will be lodged by an independent surety.

A final €50,000 will be frozen in that person’s account but the court will not sign off on it without proof that the money is present in that account.

Mr Drumm has therefore been remanded in custody with consent to bail until tomorrow morning.

He will spend the night in a Dublin prison to allow for the bail details to be finalised in the morning.

Update 3.15pm: David Drumm has been granted bail. Judge Walsh ordered him to live at Shenick Avenue in Skerries, Co Dublin and to sign in twice a day at Balbriggan Garda Station.

Drumm was also asked by the court if he was prepared to promise not to apply for a new passport. "I am of course, your honour," Drumm told the court.

The father of two confirmed to the court that he does not have a US passport and that his Irish passport is being held by the Gardaí.

Judge Walsh ordered Drumm not to leave Ireland.

The court heard seven relatives were in court who were prepared to sign over their homes as security for Drumm's bail. The names of four were required by the court.

The bail conditions also include Drumm being ordered to put up €50,000 of his own to be lodged in court.

Another two independent sureties of €50,000 were also ordered, with €25,000 to be produced in cash and the other sum shown in a bank account.

Update 2pm: Dublin District Court has heard that seven members of David Drumm’s family are willing to put their homes on the line to secure his bail.

His solicitor told the court he is prepared to sign on twice daily if granted bail and that seven of his family members are willing to put their houses up as security.

He said Mr Drumm could lodge a large cash sum, hand over his passport and would even agree to being tagged - a provision that is not yet provided for in Irish law.

His bail hearing continues.

Earlier: Former CEO of Anglo Irish Bank David Drumm led investigators on a “merry dance” and fought “tooth and claw” to avoid extradition to Ireland to face trial over €7bn worth financial irregularities at the bank, the court in Dublin heard this morning.

After spending almost seven years in the United States and the last two months in a Boston jail pending extradition arrived back in Ireland in the early hours of this morning.

The former banker was accompanied by gardaí on Aer Lingus flight EI136 from Boston which touched down at 5.10am today. He was then escorted to an unmarked car and brought to Ballymun Garda station where 33 charges were put to him.

Dressed in a navy business suit, the former Anglo boss was brought by gardaí to the Criminal Courts of Justice in Dublin city centre. He then had to make his appearance before Judge Michael Walsh at Dublin District Court.

David Drumm arriving at court today. Pic: Courtpix

The court heard he made no reply to any of the charges and the prosecution have begun objecting to bail citing the seriousness of the charges, the possible sentences of up to 10 years and evidence that Mr Drumm (aged 49) is a flight risk with the “capacity to marshal significant sums of money” despite having €8.5m of debts.

Dean Kelly BL for the DPP said Mr Drumm was a “voluntary exile” in the United States since to 2009 and had not co-operated with the investigation.

The State are also arguing that Mr Drumm only returned home after his bail application in the United States failed and before that he led the two investigation agencies in Ireland – The Garda Bureau of Fraud Investigation and the Office of the Director of Corporate Enforcement – on a “merry dance”.

Mr Drumm spoke briefly when he entered the courtroom and the judge greeted him asked him to sit down. “Good morning, thank you,” Mr Drumm replied.

He then turned and waved to supporters in the public gallery of a packed court number three and then sat silently with his hands clasped on his lap.

Documents from his US proceedings are to be considered by the judge who has adjourned the bail hearing until 12.30pm.

Solicitor Deirdre Manninger for the State also said the DPP has directed Mr Drumm must face trial on indictment and a book of evidence was served.

He stood up to move his overcoat to make room for the box of evidence on his bench. He has not yet entered a plea and is to face trial at Dublin Circuit Criminal Court.

Some 31 of the charges related to his alleged role in the so-called Maple Ten transactions to secure Anglo's falling share price and two charges in relation to €7bn back-to-back transactions with Irish Life and Permanent designed to strengthen the bank's books.

There are six types of offences alleged including charges relating to forgery and falsifying documents, conspiracy to defraud, giving unlawful financial assistance for share-purchasing purposes, false accounting practices, and the disclosure of false or misleading information in a management report.

It follows a seven-year probe by detectives from the Garda Bureau of Fraud Investigation attached to the Office of the Director of Corporate Enforcement into alleged financial irregularities at the failed bank which was later nationalised costing taxpayers €30bn.

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