Drumm out on €150k bail package
In-laws told: If he abcsonds you will forfeit all that money
FORMER Anglo Irish Bank chief executive David Drumm blew kisses to supporters in the gallery and wiped away tears of joy as he embraced his family after his €150,000 bail was approved.
In the central hall of the Criminal Courts of Justice, he exchanged warm hugs with a small group of relatives, who included his wife Lorraine’s parents, Georgina and Daniel Farrell.
The Farrells had put up €100,000 of his bail, and were warned by the district court judge Michael Walsh that if their son-in-law absconded they would forfeit the money.
Mr Drumm also shook hands with the two gardaí who had given evidence during the State’s failed bid to deny him bail on Monday, fearing he was a flight risk.
Quietly watching the scene from a
He was feared to be a flight risk
balcony above was former Anglo executive John Bowe, who is currently at trial in another court in the building.
Mr Drumm then left the court with his family, walking without comment through a large crowd of photographers and media to a waiting car.
He has told the court he will be staying at his mother’s house in Skerries while on bail. His wife is set to join him in June, after their younger daughter finishes her education in the States.
The 49-year- old had flown back to Ireland early on Monday from America following attempts by the State to extradite him. He will return to court on April 4 for a date to be set for his trial, or trials – the books of evidence having been divided into two sets of charges.
Mr Drumm faces 33 charges in connection with his time at the head of the bank, which he left in late 2008, shortly before it was raided by gardaí as a major probe into Anglo affairs began.
The Director of Prosecutions had strongly objected to bail being granted to Mr Drumm, stating that he had fought the extradition process ‘tooth and nail’, only agreeing after the US courts twice denied him bail.
But Judge Michael Walsh rejected the DPP’s argument and said bail should be given on strict conditions.
Mr Drumm confirmed yesterday he agreed to the conditions, which include him surrendering his passport, signing on twice a day at Balbriggan Garda Station, being of good behaviour and not leaving the State. ‘I will, your honour,’ he told the judge.
Mr Drumm, who the court has heard has debts of €8.5million, also put up €50,000 of his own cash as a term of his bail. The i ndependent surety of €100,000 came from a joint account held by his parents-in-law.
Both took to the witness stand to swear an oath and confirm that they understood the conditions of their surety. Aoife Corrigan, solicitor for Mr Drumm, asked Mr Farrell if he understood that if the ex-banker failed to abide by the bail terms that the money would be lost. Judge Walsh told Mr Farrell if he had any concerns the accused might not turn up for trial, he should notify gardaí.
The charges Drumm faces include those relating to an alleged €7.2billion ‘back to back’ transaction involving Irish Life and Permanent, and to allegedly unlawful loans to have been given to the Quinn family and the Maple 10 developers.
Mr Drumm could face maximum sentences of up to ten years for some offences, while others carry an unlimited term, the court heard.
After the paperwork was formalised, Mr Drumm and his relatives signed the bail bonds which were approved by Judge Walsh and Drumm was free to leave.