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David Drumm: Timeline of demise of Anglo Irish Bank

The former Anglo Irish Bank headquarters in Dublin
Michelle Devane, Press Association

Here is a timeline of events in the career of David Drumm and his role in the ill-fated Anglo Irish Bank.

November 1966: Born in Skerries, north Dublin, David Drumm grows up in a large middle-class family and is educated by the local Christian Brothers school. After school he joins Deloitte and Touche where he qualifies as a chartered accountant.

1988: Drumm lands a role within Dundalk-based Enterprise Equity, a venture capital wing of the International Fund for Ireland, where he helped support businesses in the border counties.

1993: Drumm joins the Bastow Charlton accountancy firm but within a few months he takes up a role at Anglo Irish Bank as an assistant manager.

1997: After being promoted to manager Anglo sends Drumm to the US to set up operations there. He moves to Boston with his wife Lorraine and their two daughters.


2002: He is recalled by then chief executive Sean FitzPatrick and is appointed to the role of head of Irish lending.

January 2005: Drumm succeeds Sean FitzPatrick as chief executive of Anglo Irish Bank at the age of 37. FitzPatrick becomes chairman of the bank. After taking over the reins Drumm grows Anglo's pre-tax profits by almost 70% within two-and-a-half years.

June 2007: Anglo shares peak on the stock market at 17.53 euro (£14.59).

The nationalisation of Anglo Irish Bank cost Irish taxpayers billions of euro

September 2007: Amid trading floor rumours David Drumm, businessman Sean Quinn and Anglo chairman Sean FitzPatrick meet in the Ardboyne Hotel in Navan where Quinn confirms he has about 24% of Anglo stock, mostly in Contracts for Difference (CfDs).

December 2007: The bank offers Quinn a 500 million euro (£412 million) loan to plug the hole in his finances left by the CfD share bet. The Quinn empire owed 1.2 billion euro (£988 million) at this time.

March 2008: The St Patrick's Day Massacre hits bank shares worldwide, with Anglo's value down by a fifth alone. Four days later Anglo executives tell the financial watchdog Patrick Neary of the scale of the Quinn 28% holding.

April 2008: In an attempt to protect the bank's value, Drumm and Anglo's finance director William McAteer fly to the Middle East and US to find investors to buy some of Quinn's shares. It's just two of the plans conceived to unravel the Quinn holding.

July 2008: The 619 million euro (£510 million) loans-for-shares deal is put into play. The share price rebounds for a few days and then collapses further.

September 2008: The Irish Government offers the five main banks in the country unprecedented support with a 440 billion euro (£362 billion) guarantee of their businesses.

December 2008: Drumm, FitzPatrick and McAteer all resign from the bank after hundreds of millions in directors' loans are uncovered.

Former Anglo Irish Bank chief executive David Drumm following an earlier hearing at Dublin District Court. Picture by Brian Lawless, Press Association

January 2009: Anglo is nationalised, a move that has cost Irish citizens 29 billion euro (£22.4 billion).

June 2009: Drumm moves to the US with his wife and two daughters after setting up new US consultancy business Harborlight Capital Partners. He later renames it Delta Corporate Finance. The family settle in the wealthy Boston suburb of Wellesley.

October 2010: Drumm voluntarily files for bankruptcy in Boston after failing to reach a deal on his debts worth 8.5 million euro (£7.5 million) with the new management team installed by the Irish Government at Anglo.

October 29 2010: Drumm files financial statements in the Massachusetts bankruptcy court showing total debts of 14.3 million US dollars (10.2 million euro). He values his assets at 13.9 million dollars.

May 2011: Drumm files amended financial statements in the bankruptcy court in Boston. The new statements show transfers to his wife Lorraine that were not disclosed in his original financial statements. They also outline the sale of a 2 million dollar property in September 2009.

August 31 2011: The new management team at Anglo files a legal action against Drumm. They claim that he should not be entitled to a discharge from bankruptcy because he had allegedly concealed assets and defrauded creditors.

April 2014: After a 48-day trial at Dublin Circuit Criminal Court two of Drumm's former Anglo colleagues Willie McAteer and Pat Whelan are found guilty of giving illegal loans to 10 businessmen to buys shares in the bank. The trial judge spares the two executives jail after telling the court that a State agency led them into error and illegality.

May 2014: Drumm and his wife testify during a trial in the US to decide whether Drumm should be discharged from his debts.

January 6 2015: After a four-year battle in Boston, a US bankruptcy court rejects Drumm's bid in no uncertain terms, ruling the ex-banker was "not remotely credible".

January 7 2015: Ireland launches an attempt to extradite Drumm after he failed to be declared bankrupt in the US.

July 2015: Drumm tells the banking inquiry in Ireland that he will not be attending a parliamentary committee hearing, as requested, to answer questions.

October 2015: Drumm is arrested in the US and remanded in custody to face extradition proceedings. If extradited he could face dozens of charges in relation to the collapse of Anglo.

November 2015: Drumm tries and fails to have the US court's rejection of his bankruptcy bid overturned. District Judge Leo Sorokin upholds a January ruling of US bankruptcy Judge Frank Bailey denying Drumm a discharge from his debts and a fresh financial start.

December 2015: Drumm lodges a second appeal relating to his failed bankruptcy bid.

December 11 2015: Drumm is denied bail in the US while he awaits the extradition hearing on fraud charges in Ireland.

March 14 2016: Irish authorities succeed in extraditing Drumm from the US and he is arrested at Dublin Airport. The former head of the defunct bank is brought before the Criminal Courts of Justice in Ireland on charges related to the lender's operations in the year before it went bust. He is charged with conspiracy to defraud and false accounting relating to 7.2 billion euro (£5.6 billion) in deposits placed in Anglo accounts by the then Irish Life and Permanent in September 2008.

March 15 2016: The ex-banker walks free from custody for the first time in five months to await trial after securing bail in Ireland when his parents-in-law stump up 100,000 euro (£78,300).

May 2017: After a lengthy trial, Drumm's former Anglo boss Sean FitzPatrick is acquitted of all charges when the trial judge directs a not guilty verdict. He had been charged with allegedly misleading the bank's auditors about millions of euro in loans between 2002 and 2007.

January 10 2018: David Drumm's trial begins.

June 6 2018: Drumm is found guilty at Dublin Circuit Criminal Court of fraud.

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