Former Anglo Irish Bank chief executive David Drumm will have to take a course in personal financial management as a condition of filing for bankruptcy in the United States, the Sunday Tribune has learned.

The former high-flying banker, who was paid €3.3m in 2007 for running a bank which is expected to cost the state up to €34bn, will have to take money lessons from a local Mabs-type agency in Massachusetts, where he sought court protection from his former employer over €8.5m in loans he can't pay back.

Drumm filed for bankruptcy under US Chapter 7 rules, which require debtors to take a course in financial management from an approved non-profit agency to have their debts discharged. Eligible providers for Massachusetts bankrupts include the Academy of Financial Literacy and Helping Others Progress
Economically (Hope).

Although Drumm is a chartered accountant, he is unlikely to be granted an exemption from taking a course, as the US bankruptcy code offers exceptions only if the debtor is disabled, incapacitated or on active duty in a combat zone.

Drumm is based in Massachusetts, one of the most favourable states to file for bankruptcy since homestead exemptions are available up to $500,000. In July 2009, Drumm made an application to declare his home a homestead.