€5.4m pension excluded from claim

DAVID Drumm’s €5.4 million pension is believed to have been excluded from the assets the former Anglo Irish Bank chief executive could surrender to his former employer as part of a bid to repay his debts.

Mr Drumm owes a total of between €10m and €12m to various creditors — of which Anglo is the largest, being owed €8.5m. The now nationalised bank’s former chief — who has been based in the US for the past few years and who filed for bankruptcy there last month — met with creditors for the first time last night, in Boston.

Mr Drumm, who also apparently has a major problem just covering a personal credit card bill of about €35,000, is seeking a bankruptcy order from a Boston court that would give him protection from creditors for the next eight years or so.