\"\"

Why David Drumm's allegations ring true - Says Irish state knew far more about Anglo collapse than they let on

\"\"

Former Anglo Irish banker, David Drumm

READ MORE: David Drumm: ‘There is a witch hunt ... I convince myself that this will pass’

Are the Irish in denial over what happened during their banking and economic crisis?

Yesterday we published an exclusive interview with David Drumm, former CEO of Anglo Irish Bank, which made clear Drumm's belief that at key moments in that crisis the entire leadership of the Irish state were in cahoots to prevent a collapse at any price.

That may well have involved highly dubious actions, including one where Anglo Irish Bank loaned some of its best customers tens of millions of dollars to buy the bank's own stock as it began a freefall.

Drumm claims that such actions were clearly agreed to and known about by the key figures in the Irish banking , government and bank regulation world.

It is a sensational claim, making it clear that in the midst of a crisis extraordinary and possibly extra legal decisions were being made.

He cites a recent affidavit from a top bank official which shows that a working group of many leaders in those fields were meeting daily and agreeing strategy as the economic collapse began.

As Drumm describes it, everyone was working together until the collapse became inevitable and then "the scattering began"

Drumm feels that he and Anglo Irish have taken the brunt of the hatred in Ireland for the economic collapse.

He says he is prepared to accept some of the blame but that many of the other key players have got off Scot free.

It will be interesting to see the impact of Drumm's words over the next few weeks.

He is currently in bankruptcy proceedings in Boston and may well have cause to call on some of the same people now denying any knowledge of what was happening as the Irish banking collapse began.

Those were deeply murky times as the banks began to collapse and a panicked government and Irish superstructure tried to prevent it.'What they did in the end, guaranteeing the banks has comeback to haunt the Irish taxpayer.

What David Drumm says has the ring of truth in my opinion, It will be very interesting to see where it leads.

READ MORE: David Drumm: ‘There is a witch hunt ... I convince myself that this will pass’

COMMENTS

Log in with your social accounts:

Or, log in with your IrishCentral account:

Forgot your password ?

Don't have an account yet? Register now !

Join IrishCentral with your social accounts:


Already have an account ?

Or, sign up for an IrishCentral account below:

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.


Make sure we gathered the correct information from you

By clicking above you are indicating that you have read & agree to our Terms and Privacy Policy.


You already have an account on IrishCentral! Please confirm you're the owner.


Our new policy requires our users to save a first and last name. Please update your account: