Dermott was born in Belfast, Northern Ireland in 1944.  He graduated from Queens University in Economics in 1979.

He is a Fellow of the Institute of Chartered Secretaries and Administrators and is a former Member of the Institute of Bankers in Ireland

His achievements are listed below:

Past President of the Institute of Chartered Secretaries and Administrators United Kingdom, Republic of Ireland and Associated Territories. ‘ICSA’  Dermott was the first person from Northern Ireland to hold the prestigious role of President

Former Chairman, Hon. Secretary and Hon. Treasurer of the Northern Ireland Branch  ‘ICSA’

Past President of the Ulster Reform Club, Belfast

Past Council Member of the Northern Ireland Chamber of Commerce & Industry

He spent 2 years on Secondment at Roywest Trust Corporation in Nassau Bahamas

Retired after 40 years service from Ulster Bank Limited in December 2002 as Associate Director and Head of Belfast City Business Centre

In 2003 Dermott was appointed Finance Director of Andras House Limited.  This is the largest Hotel, Hospitality & Property Operator in Northern Ireland with over 700 bedrooms and is listed in Top 100 Northern Ireland Companies.