No deal for Anglo and its ex-chief

ANGLO Irish Bank and its former chief executive David Drumm have still to reach an agreement to resolve the bank’s action against him over unpaid loans of more than €8 million, the Commercial Court heard yesterday.

In those circumstances, although discussions between the sides are continuing, the action will proceed in October as listed, Mr Justice Peter Kelly was told by John Hennessy, for Anglo. Mr Drumm presented a number of proposals to the bank in an effort to settle the action and it had rejected those and made a counter-proposal to him on July 14. To date, however, the sides have failed to reach a settlement agreement.

The full hearing of the bank’s proceedings against Mr Drumm is scheduled to open on October 26.