Former Anglo Irish Bank chief executive David Drumm has experienced freedom for the first time in five months after being freed on bail.

His wife Lorraine’s parents, Danny and Georgina O'Farrell, provided the €100,000 surety demanded by the District Court. Drumm himself had to stump up €50,000.

Drumm was detained overnight on remand in Cloverhill Prison while the bail sureties were being arranged.

Drumm, who returned to Ireland from America on foot on an extradition warrant, faces charges relating to his executive roles in Anglo Irish, including fraud, forgery and false accounting.

He was remanded on bail to appear in Dublin Circuit Criminal Court on April 8.

In Association with

The DPP’s objections to bail were dismissed by the court. The bail conditions include Drumm surrendering his passport and signing on twice daily at a garda station. He has also been barred from leaving the state.

The court heard that Lorraine Drumm plans to sell the family home outside Boston and return to Ireland in June.

The court was told that Drumm faces charges of conspiracy to defraud and false accounting. There are two books of evidence and up to 120 witnesses could be called. The charges are based on offences stipulated in Section 60 and to Section 243 of the Companies Act.

Drumm has been out of Ireland for seven years. Since October 2015, he was incarcerated in the US. His trial is not expected to take place until 2017.

Convictions Quashed

Meanwhile, the Court of Appeal has quashed the convictions of former Anglo Irish Bank executives Tiarnan O'Mahoney and Bernard Daly.

They had been jailed after being found guilty of furnishing false information to the Revenue Commissioners and conspiring to delete bank accounts. Both men denied the charges.

O'Mahoney (53), of Glen Pines, Enniskerry, Co Wicklow, and Daly (67), of Collins Avenue, Whitehall, Dublin, were sentenced in July 2015. Judge Patrick McCartan jailed O'Mahoney for three years and Daly for two years.

Both men have been released.

Co-accused Aoife Maguire (62), of Rothe Abbey, Kilmainham, Dublin, who was jailed for 18 months last July, was freed in December 2015 when the Court of Appeal quashed her sentence, substituted a nine-month sentence in its place and suspended the balance.

The decision of Court of Appeal judges Justice George Birmingham, Justice Garrett Sheehan and Justice John Edwards to overturn the convictions is a blow for the DPP’s office, as the trial proceedings lasted two months.

Pix: Sam Boal / RollingNews.ie