Drumm likely to keep €250k pension

FORMER Anglo Irish Bank chief David Drumm is likely to retain his €250,000 annual pension and a €500,000 share in his Cape Cod home on foot of filing for voluntary bankruptcy in the US.

Lawyers for Mr Drumm took Anglo by surprise yesterday when they told the High Court in Dublin that the bank’s former chief executive had gone to the bankruptcy court in Massachusetts and filed a voluntary petition for bankruptcy.

This would divest all of his assets worldwide and vest them in the Trustee in Bankruptcy in the US, an official assigned by the court to administer his estate.