Drumm trial likely to end in early June, court told
By Sarah-Jane Murphy
The jury at David Drumm's conspiracy to defraud trial, which has been underway at Dublin Circuit Criminal Court since January, has been told that proceedings are likely to conclude in June.
Today, Judge Karen O'Connor told the 10 men and four women in Court 19 that she was very hopeful the trial of the former CEO of Anglo Irish Bank will conclude at the beginning of June.
The jury begun hearing evidence on February 9 following days of legal argument which took place after they were empanelled.
On the opening day of the trial Mr Drumm's barrister, Tessa White BL, told the jury that the defendant accepts that multi-million euro transactions took place between Anglo and Irish Life & Permanent (ILP) in 2008, but disputes that they were fraudulent or dishonest.
Today Peter Geisel, former directory of treasury at Anglo, gave his evidence on day 51 of the trial.
He told Paul O'Higgins SC, prosecuting, that in the summer of 2008 Credit Suisse, an international bank, rejected Anglo's request for “a back to back deal”.
The trial has previously heard that a back to back deal is a reciprocal loan between banks or financial institutions.
The jury listened to a phone call of September 23, 2008 between Mr Geissel and Jerome Henrion of Credit Suisse.
Mr Geissel told the French banker that Anglo was looking to increase its corporate deposits coming up to year end. When describing the proposed transaction, he said Anglo would place funds with “your bank entity” and then take a deposit from “your corporate entity”.
Mr Henrion asked if the funds could come from a bank.
“No, a non-banking entity,” Mr Geisel told him.
The witness agreed with Mr O’Higgins that Credit Suisse later informed Anglo they would not engage in such a transaction.
During cross examination, Brendan Grehan SC defending, asked Mr Geisel if he agreed that he was a “balance sheet specialist” and a highly proficient accountant.
“That's flattering but I don't understand the term balance sheet specialist,” he said.
“But you'll take the highly proficient accountant,” Mr Grehan quipped.
David Drumm (51) of Skerries, Co Dublin (pictured below), has pleaded not guilty to conspiring with former bank officials Denis Casey, William McAteer, John Bowe and others to defraud depositors and investors at Anglo by “dishonestly” creating the impression that deposits in 2008 were €7.2bn larger than they were.
The former Anglo Irish CEO has also pleaded not guilty to false accounting on December 3, 2008, by furnishing information to the market that Anglo's 2008 deposits were €7.2bn larger than they were.
The trial is now in its tenth week and continues before Judge O'Connor and a jury.
