Davy bosses were forced into a grovelling U-turn after Ireland's largest broker appeared to deny wrongdoing in a deal that led to it being fined €4.1m by the Central Bank. The focus on the NTMA contract had piled on the pressure because, as a seller of sovereign bonds, Davy is effectively acting as a representative of the Irish State around the world. The Central Bank had announced the €4.1m fine — the largest ever imposed on an Irish stockbroker — after Davy had failed to supervise a group of 16 employees, including top executives, in their personal account dealings in the sale of Anglo Irish bank bonds in late 2014. The Central Bank had also highlighted Davy’s "lack of candour" when the firm had first engaged with the regulator. By Wednesday morning, Mr McKiernan was forced to issue an amended briefing to Davy staff that dropped the inaccurate claim.

Source: Irish Examiner March 03, 2021 20:48 UTC