David Drumm granted bail over 30 criminal offences

Anglo Irish BankDavid Drumm has been granted bail on over 30 criminal offences alleged to have happened during his final years as CEO of Anglo Irish Bank. He was extradited back from the US this morning and the State applied for him to be remanded in custody amid concerns he may flee if released on bail. David Drumm smiled and turned to face the public gallery when Judge Michael Walsh said he felt the State’s flight-risk argument didn t hold up. By moving to Boston in 2009, Dean Kelly, for the DPP, accused him of moving his life out of the reach of Gardai and said he set out ‘in a careful and considered way’ to avoid this day. The majority of the 33 offences deal with alleged unlawful loans to the family of businessman Sean Quinn and the so-called Maple Ten. The rest relate to over 7bn worth of transactions with Irish Life & Permanent which the State believes were part of a conspiracy to defraud. Mr. Drumm took to the stand himself and, speaking with an American twang, confirmed he didn’t have a US passport and had surrendered his Irish one. Bail was set at 150k and he was remanded in custody until tomorrow when Gardai will decide whether to approve his independent surety.