Drumm extradition hearing to take place in Boston

He has remained in custody since his arrest ahead of today’s hearing, a spokeswoman for the US Attorney’s Office in Boston confirmed. Assistant US Attorney Amy Harman Burkart, however, said she would object to Drumm’s bail and argued he was a flight risk, which was rejected by his attorney.

Ireland alleges that Mr Drumm was involved in the bank’s providing illegal financial assistance from 2007 to 2008 to businessman Sean Quinn to shore up a leveraged bet in Anglo Irish, though derivatives called contracts for difference, or CFDs.

He will appear before the Massachusetts District Court in Boston.

He will apply for bail on Friday and November 10 has been set for a status conference in the case.

Magistrate Judge Donald Cabell said he would consider the bail request but noted that “in extradition proceedings there is a presumption towards detention”. The Irish government took over Anglo Irish in 2009 after bad loans soared following the worst real estate crash in Western Europe.

He was arrested Saturday and is being held. He appeared in court dressed in a creased blue shirt and jeans. His wife, Lorraine, sat a few rows behind him.

“The letters to the Maple 10 were inaccurate in that they suggested the loans were intended for a ‘multi-currency share dealing facility, ‘ when they were in fact intended exclusively for the purchase of the bank shares”, Irish prosecutors contend, according to the court filings.

The 48-year-old has also been at the centre of a controversial bankruptcy process in the U.S., where he moved to from Ireland after leaving Anglo in 2008.

Once in the U.S. he filed for bankruptcy.

However, the bid failed and the Boston court said that he could be liable for debts of £8.34 million ($12.9 million), according to BBC News.

Its downfall played a large role in the collapse of the Irish economy in 2008 and the ensuing bailout from its eurozone partners two years later.

Outside the courthouse Miner told the press “We’re going to see if we can get him released. It was outrageous that he was picked up on the Saturday of a three-day weekend”, she said.