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Former bank boss guilty of multi-billion euro fraud

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Former Anglo Irish Bank chief executive David Drumm has been found guilty of fraud.

The jury spent more than 10 hours deliberating before coming to a unanimous verdict at Dublin Circuit Criminal Court on day 86 of the trial.

Drumm pleaded not guilty to conspiring to dishonestly make Anglo's balance sheet look better by €7.2 bn (£5.4bn) between March and September 2008.

He also denied knowingly giving false figures to the market that December.

The prosecution said the 51-year-old did this deliberately and dishonestly to induce people to invest in, or leave their money in, Anglo even when he and others knew it was in trouble.

Lawyers for Drumm said the transactions were not dishonest and were legitimate balance sheet management carried out openly and transparently while trying to protect the bank.

Anglo Irish, which was nationalised in 2009 and wound down from 2011, was synonymous with the lending practices that drove the 'Celtic Tiger' boom and subsequent bust, pushing the Republic of Ireland to the brink of meltdown in 2010.

Mr Drumm moved to the US in 2009 but was extradited in 2016.

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