Drumm seeks to settle €8m loan action

FORMER Anglo Irish Bank chief executive, David Drumm, has made a series of proposals to the bank to try to settle its action against him aimed at securing repayment of loans of more than €8 million, the Commercial Court has heard.

Mr Justice Peter Kelly yesterday asked the bank to indicate to the court in two weeks time whether it is saying yes or no to the settlement offer.

Declan McGrath, for Mr Drumm, had earlier told the judge proposals had been made in an open letter written to Anglo two weeks ago but there was as yet no “substantive” reply.