Drumm offers surety to State for deal not to oppose US bail effort

Former Anglo Irish Bank chief executive David Drumm's lawyers have offered surety of more than €100,000 if the State agrees not to oppose bail should he return voluntarily to the Republic to face trial.

Mr Drumm is in jail in the US pending the outcome of extradition proceedingsthe State launched to have him returned to the Republic to face 33 charges relating to his time at the head of the bank.

Solicitors Michael J Staines & Company wrote last week to the Director of Public Prosecutions (DPP) stating that Mr Drumm was willing to return voluntarily to face trial and would abide by the strictest conditions if the State agreed not to oppose bail.

Part of the deal would involve him waiving his right to an extradition hearing in the US, which could take three to five years should he establish a defence to the State’s request in a Boston court on March 1st.

It is also understood that the terms offered by his solicitors include giving a six-figure surety to the court if he is allowed out on bail while waiting to face trial on the Anglo- related charges.

Pending trial

Friends and family are said to be prepared to put up the money on his behalf and to use their homes to guarantee it.

The amount offered by Mr Drumm’s side is more than 10 times the sureties given by other former Anglo executives when bailed pending trial.

He isalso willing to wear an electronic tag and to sign on at his local Garda station as frequently as required. His solicitors sought a response from the DPP by last Thursday but none had been received by the weekend.

Were Mr Drumm to return voluntarily, it is likely he would be arrested on arrival in the State. Even if the DPP was to agree to the conditions, the decision on his bail application would rest with the District Court.

Mr Drumm has been in custody in Massachusetts since October on foot of the extradition request. Should he establish a defence to the extradition request at a hearing in March he could get bail.

A spokesman for his family said on Sunday they were “dismayed that this treatment of David continues”.