Judge rules David Drumm can be freed on bail

Former Anglo Irish Bank chief executive David Drumm is expected to be released on bail on Tuesday, subject to issues about independent sureties being finalised in Dublin District Court.

Mr Drumm arrived at Dublin Airport at 5.30am on Monday following his extradition from the US.

He was taken to Ballymun Garda station, where he was charged with 33 counts, including conspiracy to defraud and false accounting.

He was later brought before Dublin District Court where a lawyer for the Director of Public Prosecutions objected to him being released on bail, citing a serious risk of flight and the "conduct and behaviour" of Mr Drumm from late 2009 onwards.

He told Judge Michael Walsh that Mr Drumm had led the Irish authorities a "merry dance" and his position on extradition only changed when he was denied bail in the US on two separate occasions.

Objecting to bail, Det Sgt Michael McKenna said Mr Drumm (49) was a flight risk with the “capacity to marshal significant sums of money”, despite having €8.5 million worth of debts.

Mr Drumm's solicitor, Michael Staines, countered that the former banker could have fled to Canada when he became aware of the State's plan to seek his extradition in August 2014. Instead, he remained in Boston.

Mounting a defence

He also argued the case was so “voluminous” that Mr Drumm would have difficulty mounting a defence from prison.

Judge Walsh ruled the risk of Mr Drumm fleeing the jurisdiction if he were to be released on bail “simply doesn’t hold up”.

He agreed to release him on bail, subject to a number of conditions. These include him signing on twice a day at Balbriggan Garda station and surrendering his passport.

Mr Drumm, who emigrated to the US in mid-2009, has also agreed to lodge his own bond of €50,000, with independent sureties of €100,000 being provided equally by two other persons.

The former banker said he would reside at Shenick Avenue in Skerries, Co Dublin, and he agreed not to leave the State.

The court was told Mr Drumm expects to be in employment while he awaits trial, which might not be until mid-2017. His wife is planning to sell their home in Boston and return to Ireland in June to live here permanently.

Sixteen of the charges relate to the alleged provision of unlawful financial assistance to certain property developers and family members of former Anglo shareholder Seán Quinn.

Charges of falsification

There are also 14 charges in relation to the falsification of documents, two relating to transactions between Anglo and Irish Life & Permanent.

The case was adjourned until this morning.

Mr Drumm was held overnight in Cloverhill prison in Dublin.