herald

Sunday 16 December 2018

BANKING

Anglo hopes to pursue Drumm

ANGLO will have the green light to pursue former chief David Drumm (below) through the Irish courts if the bank's objection is successful.

Anglo Irish Bank is objecting to Mr Drumm's discharge from bankruptcy in Boston and a decision is expected in the "relatively near future".

The bank's legal action against Mr Drumm in the Irish High Court had to be postponed after he filed for bankruptcy in the US in October 2010 as Anglo didn't want to be held in contempt of court given that it had a US business.

Chairman Alan Dukes told the Oireachtas Joint Committee on Finance, Public Expenditure and Reform: "If that goes in the way we hope, that will leave it open to us to pursue actions here."

Mr Dukes said that Anglo, which will be renamed Irish Bank Resolution Corporation from October 14, could be wound down sooner than the 10-year framework established by the EU-IMF bailout programme.

Anglo hoped to reduce its cost to the State to €25bn from the €29.3bn to €34.3bn forecast in 2010, but this would depend on how the economy and property market performed, Mr Dukes said.

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