David Drumm testifies in U.S. over financial assets

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Disgraced former Irish bank boss, David Drumm underwent a public grilling about his personal finances in Boston on Tuesday.

The former chief executive of Anglo Irish Bank testified for the first time in his own bankruptcy proceedings at a Boston law office.

Mr Drumm declared bankruptcy in the U.S. In October.

Creditors, including representatives of his former employers were present when Mr Drumm disclosed details about several luxury homes he owns in Wellesley and Chatham as well as the tuition he pays for his teenage daughters private school in Newton.

Those present heard that Mr Drumm has $64,400 in credit card debt, took out an interest only mortgage for his Wekkesly property which he spent $150,000 renovating days before he filed for bankruptcy in the U.S. He recently surrendered a newly purchased $74,000 Mercedes-Benz.

Court documents revealed that Mr Drumm's monthly expenses exceed his income by $1,168.

Commenting on Mr Drumm's state of affairs, Kathleen Dwyer, the trustee assigned to his bankruptcy case said: “It's a changing world,” adding “This is just a reflection of that phenomenon.’’

The former Anglo boss declined to comment after his case proceedings yesterday.

Anglo Irish first sent Drumm to Boston in the late 1990s to open the banks first U.S. outlet. He secured deals for several local commercial real estate projects. Mr Drumm said that the banks success fueled his own personal wealth allowing him to move form an apartment in Huntington Avenue to the affluent suburb of Sudbury in Boston. Moving back to Ireland in 2005 he was appointed as the banks chief executive at the age of 38.

In the years after his return the full extent of Anglo's reckless and aggressive lending were exposed, causing him to resign in 2008.

The Irish man now claims almost $14 million in assets but insists he owes even more to his creditors, which includes Anglo Irish Bank who are trying to recover $11 million in loans from the former employee.

During Tuesday's hearing creditors heard that Mr Drumm has taken out a $200,000 equity line of credit on his Chatham property to pay for living expenses.

The former bankers testimonial is the first in what is likely to be a months long proceedings during which Ms Dwyer will continue her questioning as well representatives from Anglo Irish Bank.