David Drumm admits finances were in chaos during his tenure

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The former chief executive of Anglo Irish Bank has admitted that finances in the Irish bank were in a chaotic state during his tenure while he continued to expand its loan book, according to his testimony given in Boston yesterday.

The bankruptcy trustee asked the disgraced Irish bank boss repeatedly why he had 20 to 25 bank accounts, and why he did not budget his income by examining his monthly earnings and expenditure.

Drumm told the trustee that he could not explain why. That was the way he conducted his household affairs, he told the hearing.

After he stepped down from his position with the bank, he fled to the U.S. He declared himself bankrupt in October 2010. He owes the now nationalized Irish bank €8.5 million in unpaid loans.