Davy chief executive Brian McKiernan, deputy chairman Kyran McLaughlin and head of bonds Barry Nangle have resigned their roles in the country’s largest stockbroking firm amid the fallout from a Central Bank fine and rebuke over a breach of market rules. The firm named Bernard Byrne, the former AIB chief executive who joined Davy two years ago as deputy chief executive and head of its capital markets division, as its interim chief executive, according to a statement issued on Saturday afternoon. He did not address the Central Bank investigation in his statement. The Central Bank found that Davy had failed take steps to identify whether a conflict of interest arose in relation to the trade. Mr McLaughlin resigned as joint chief executive of Davy in 1999, when as the Revenue Commissioners began investigating a family trust he had established in Liechtenstein.

Source: The Irish Times March 06, 2021 12:41 UTC