Taoiseach Brian Cowen has said it would be helpful if former Anglo Irish Bank chief executive David Drumm returned to Ireland.

Mr 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.

Asked if he understood people's anger that no-one had been charged since the banking crisis, Mr Cowen said he knows and shares the frustration people feel. But he added that a detailed and broad ranging investigation into events is underway.

Mr Cowen was speaking in Monaghan today where he is meeting with locals involved in the business sector.

David Drumm 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 underway in the coming weeks.

Lawyers for Mr Drumm told the Commercial Court yesterday that Mr Drumm had made a settlement offer to the bank by letter on September 24, 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 in Cape Cod in Massachusetts, where he now lives.