David Drumm to be sentenced tomorrow for his part in granting of unlawful loans

His barrister asked the judge to consider the former Anglo CEO's guilty plea as mitigation

David Drumm to be sentenced tomorrow for his part in granting of unlawful loans

David Drumm. Photo: Leah Farrell/RollingNews.ie

David Drumm will be sentenced tomorrow for his part in the granting of unlawful loans to the so-called Maple Ten in 2008.

The former Anglo Irish Bank CEO is already in prison for conspiring to defraud people about the health of the now defunct bank.

David Drumm wore a suit in the dock for each of the 87 days he spent in the dock for his recent conspiracy to defraud trial, that resulted in him being convicted and jailed for six years.

However, for today’s sentence hearing he wore a white polo shirt and blue jeans.

Last month, he pleaded guilty to ten charges of giving unlawful loans to a group of businessmen known as the Maple Ten.

The loans were used to unwind a huge stake in Anglo Irish Bank that was secretly built up by former billionaire Sean Quinn through risky financial instruments called Contracts for Difference.

The court heard the scheme was devised by Mr Drumm and executed by others under instruction by him while he was at the helm.

His barrister Brendan Grehan asked the judge to consider his guilty plea as mitigation, as well as the involvement of the financial regulator whom he said had an interest in ensuring Mr Quinn’s position was unwound.

Judge Karen O’Connor will sentence him tomorrow afternoon.