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David Drumm's return would be 'helpful' - Cowen

Cape Cod - David Drumm has been living in the US
Cape Cod - David Drumm has been living in the US

The Taoiseach has said it would be helpful if former Anglo Irish Bank Chief Executive David Drumm returned to Ireland.

Brian Cowen said given the importance of the issues involved, he felt everyone hoped that Mr Drumm would return.

He said it would be helpful with regard to public confidence.

The former bank chief executive filed for bankruptcy in the US yesterday.

An action by Anglo Irish Bank seeking to recover a debt of more than €8m from Mr Drumm was due to get under way in the coming weeks.

Lawyers for Mr Drumm told the Commercial Court yesterday that he had made a settlement offer to the bank by letter on 24 September, offering all his assets excluding his clothes and jewellery.

His lawyers said this offer included his pension rights and pension accruements.

It involved the transfer to the bank of his half-share of his home in Malahide, which was the subject of a second action by the bank, and the transfer of his home on Cape Cod in Massachusetts, in the state where he now lives.