Lawyers for David Drumm have written to a US judge outlining how the former Anglo Irish Bank chief executive could be released on bail pending his extradition hearing.

Mr Drumm was denied bail on December 10th because he was considered a flight risk.

However, Mr Drumm's lawyer Edward McNally has written a letter to Boston judge Richard Stearns saying the risk of flight would be mitigated if certain conditions were attached to the former banker's release.

Mr McNally, one of the America’s top defenders in complex financial cases, said there is “an ample and abundant basis” on which the Court may base its decision to reverse the decision of the lower court, release Mr Drumm and fashion a set of conditions to adequately mitigate the risk of flight.

These conditions could include a requirement that Mr Drumm wear an electronically-monitored ankle bracelet 24/7; that Mr Drumm, his wife and their two daughters surrender their passports; that Mr Drumm’s wife pledge the family residence; that three non-family individuals sign and submit personal recognisance bonds in the amount of $1 million; and that those same three non-family individuals each pledge their respective real estate properties in Massachusetts.

Mr Drumm is wanted back in Ireland to face 33 criminal charges relating to transactions at Anglo in 2008 while he was chief executive.

He has been in custody since his arrest at his home in Wellesley outside Boston on October 10th.