Drumm locked up for night before he is freed on bail today
David Drumm spent his first night back in Ireland behind bars - but will be freed today once bail sureties totalling €150,000 are given to a court.
The former Anglo Irish Bank chief executive was remanded to Cloverhill Prison following a dramatic day which saw him arrested and charged with serious offences as he ended his seven-year exile.
Less than an hour-and-a-half after Aer Lingus flight EI136 from Boston touched down at Dublin Airport yesterday morning, Drumm found himself being formally charged with 33 offences, including fraud, conspiracy to defraud and false accounting.
A lengthy court hearing followed where lawyers for the State strenuously argued that he should be refused bail.
However, at Dublin District Court, Judge Michael Walsh sided with a defence application that Drumm be allowed out on bail pending the outcome of his trial.
As part of the bail conditions, Drumm will have to live at an address in Skerries, Co Dublin and sign on twice daily at Balbriggan Garda Station.
He will also have to surrender his passport.
The former banker will have to provide a personal cash surety of €50,000, which must be lodged to the court.
An independent surety of €100,000 must also be offered, half of which must be in cash with the remainder kept in a bank account and frozen until the case is completed.
Remanding Drumm in custody, Judge Walsh said the bail issue could be "tidied up" today.
Drumm looked visibly relieved at the decision and took the stand to tell the judge the address he intended to live at.
He also said his passport was in the possession of gardai and that he would not apply for a replacement one.
Earlier, the court heard Drumm was arrested at Dublin Airport at 5.30am following his extradition from the US.
He was conveyed to Ballymun Garda Station where two charges were put to him by Det Sgt Michael McKenna of the Garda Bureau of Fraud Investigation (GBFI) at 6.35am.
Drumm made no comment to either of the charges.
Det Sgt Michael Prendergast, an officer seconded to the Office of the Director of Corporate Enforcement from the GBFI, gave evidence of 31 further charges he put to Drumm at the garda station at 6.39am.
He said Drumm made no reply to any of the charges.
Det Sgt McKenna then applied to have Drumm remanded in custody. He said he believed Drumm was "a serious risk of flight for a number of reasons".
However, Drumm's solicitor Michael Staines told the court that other people facing similar charges to his client had all been granted bail. He said Drumm was not a flight risk.
If he had wished to flee he could have gone "two hours up the road" to Canada, which has no extradition agreement with Ireland.
Mr Staines said that without bail his client would face many months in custody as his trial could not begin until "half way through 2017" due to other Anglo cases.
There would be voluminous amounts of documents to be disclosed and he would need access to computers and equipment to listen to recordings.
In making his decision, Judge Walsh said that while it was clear Drumm had refused to return home for questioning, he had to be mindful of the presumption of innocence until proven guilty and the constitutional presumption of bail.
The judge said the case would be complex and involve a large amount of documentation.