New chairman promises fresh momentum as Drumm bows out

THE fallout from the Anglo Irish Bank loan controversy continued yesterday with the resignation of David Drumm as chief executive.

His resignation followed on from Anglo’s chairman, Sean Fitzpatrick, stepping down on Thursday night after admitting hiding loans of €87 million from the bank and transferring them to another bank — the Irish Nationwide Building Society.

Mr Fitzpatrick was replaced with immediate effect on Thursday by Donal O’Connor, who said yesterday that Mr Drumm’s decision would ensure that Anglo could “move forward with new momentum”.