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Former chief executive of Anglo Irish Bank David Drumm leaving the Dublin Circuit Criminal Court in February 2018. Sam Boal
Anglo Irish Bank

Former Anglo CEO David Drumm released from prison

Drumm was released from Loughan House this morning.

FORMER CEO OF Anglo Irish Bank David Drumm has been released from prison today.

Drumm was released from Loughan House in Co Cavan this morning, it is understood.

In June 2018, Drumm was sentenced to six years in jail after being found guilty on charges of conspiracy to defraud the public and of false accounting.

After his release today, it will mean he spent a total of two years and eight months in prison.

Drumm also spent five and a half months in a US prison after being arrested at his Massachusetts home in late 2015 on the basis of an extradition order to Ireland.

David Drumm was CEO of Anglo Irish Bank from 2005 to December 2008.

During his 16-week trial, it was the State’s case that Drumm had conspired to carry out €7.2 billion in fraudulent circular transactions in order to bolster the customer deposits figure on Anglo’s balance sheet.

Lawyers for Drumm made a series of admissions on his behalf on the opening day of his trial, accepting the transactions as alleged took place, but disputing that they were fraudulent or dishonest. 

In sentencing Drumm, Judge Karen O’Connor said he had engaged in “grossly reprehensible behaviour” while the bank was haemorrhaging money.

“However, the motivation to keep the bank open is irrelevant. This was grossly reprehensible behaviour and it does not provide any excuse for fraud and dishonesty,” O’Connor said.

With reporting from Rónán Duffy.

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