The moment when Anglo and Drumm ran out of road
Ten years ago, The Sunday Business Post asked the then Anglo Irish Bank chief executive, David Drumm, a number of questions about the bank’s involvement with businessman Sean Quinn. Just days later, Drumm and chairman Sean FitzPatrick resigned
Suspend disbelief and look at the numbers. Anglo Irish Bank reported full-year profits of €784 million last week, down 37 per cent on the previous year.
It wrote off €500 million in general bad debt provisions and €224 million from specific bad loans. Excluding bad debts, core profits were ahead by 29 per cent.The loan book continued to grow, by 15 per cent this time, to €73 billion at the end of September.
Taxpayers and the government will note that the...
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