Central Bank to look at Drumm trial evidence

THE Central Bank is seeking to examine issues related to evidence in the trial of former Anglo Irish Bank chief executive David Drumm for conspiracy to defraud and false accounting.

Lawyers for the bank have made an application to Dublin Circuit Criminal Court for a transcript from the lengthy trial, which ended in Drumm being convicted and sentenced to six years in prison.

The specific issue the bank is seeking to examine is unclear, but it is understood the application to trial judge Karen O’Connor is not a routine one.

The application was brought to the judge’s attention yesterday and adjourned until next week.

The Central Bank had been maintaining a watching brief throughout the 87-day trial.

The bank investigates and sanctions breaches of financial services law by regulated firms and individuals.

It also operates a fitness and probity regime which requires individuals in designated positions within regulated firms to be competent and capable, honest, ethical and of integrity, and financially sound.

Last month a jury found Drumm (51) guilty of a massive “con” on the markets.

This involved a series of interbank deposits which circulated between Anglo and Irish Life & Permanent (ILP) which gave the impression Anglo’s deposits were €7.2bn larger than they really were in September 2008 as the financial crisis was escalating. Judge O’Connor described Drumm’s actions as “grossly reprehensible”.

The conspiracy also involved former Anglo executives Willie McAteer and John Bowe, as well as ILP’s then chief executive Denis Casey, who were all jailed following an earlier trial.