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A former head of a major Irish bank has been extradited from the U.S. and brought before Dublin District Court to face several charges stemming from the bank’s role in the 2008 financial crisis. David Drumm, former chief executive of Irish Anglo Bank from 2005 until 2008, had been arrested in Boston in October 2015, and originally attempted to fight extradition — but he recently withdrew the objection and was returned to Ireland early on Monday. Drumm faces 33 charges in Ireland, which echoes Iceland’s unprecedented move to hold its bankers criminally accountable for their role in that country’s economic meltdown. Though Drumm predictably denied wrongdoing, his charges include “fraud, forgery, misleading management reporting, unlawful lending, falsifying documents, and false accounting, linked to financial transactions prior to the collapse of Anglo,” according to the Irish Times.

Though prosecutors consider Drumm a flight risk — after all, he seemed to be seeking safe haven inside the United States — the court allowed the ex-banker to post bail under several conditions. Drumm’s passport is currently being held by the Gardaí (Garda Síochána, or Irish Police), and under the bail arrangement, he assured the court he would not apply for another and does not possess a U.S. passport. Seven of Drumm’s relatives offered to put their houses on the line as ‘security’ for his bail, though the judge only required four names. As RT reported, Drumm is alleged to have participated in transactions totaling around €7 billion between Anglo and a second lending institution, Irish Life and Permanent. Anglo “posted the worst corporate results in Irish history with losses of €17.5 billion for 2010.” Drumm came to the United States in 2009, and reportedly refused to cooperate with an investigation. Prosecutors fear his “capacity to marshal significant sums” of money adds to the possibility Drumm could easily disappear. However, his solicitor argued that in order to better prepare his defense — including sorting through the “millions of documents” and nearly 400 hours of phone conversations — Drumm needed to remain out of prison. As the Times noted, two “books” of evidence will need to be heard by the court — one of which entails bringing 120 witnesses to testify. The former banking executive has not yet entered a formal plea. He faces a maximum penalty of 10 years in prison if found guilty.

Three senior executives from the bank at the centre of Ireland's economic crash have gone on trial in Dublin. It is the first time Irish bankers have faced criminal charges for their alleged role in pushing the country's finances to the brink of collapse, prompting the bailout and austerity. Sean FitzPatrick, Pat Whelan and William McAteer arrived at court to deny 16 charges of unlawfully providing financial assistance to people for the purpose of buying shares in Anglo Irish Bank in 2008. They stand accused in Court 19 of the Courts of Criminal Justice of granting loans to favoured clients who, it is alleged, bought shares in the now defunct bank to prop up its share price during the credit crunch.

Nearly €30bn (£25bn) of Irish taxpayers' money was used to bailout Anglo Irish Bank in 2008 and to rescue it and the entire Irish banking sector from total collapse. The trial, involving 24 million documents and 800 witness statements, will be one of the most complex in the history of financial prosecutions in Europe. After the prosecution lays out its case in the biggest case in corporate history, more than 100 witnesses are expected to be called. The trial may last four months. Sean Quinn, once branded Ireland's richest man but forced to file for bankruptcy when his property empire collapsed, is among those expected to give evidence during the marathon trial.

TAPE RECORDINGS from inside doomed Anglo Irish Bank reveal for the first time how the bank's top executives lied to the Government about the true extent of losses at the institution.