Minister for Finance Paschal Donohoe said on Friday that a sale of Davy will require “absolute clarity” on whether a bond-deal scandal that has rocked the 95-year-old company is an isolated incident or more widespread. The Central Bank fined Davy €4.1 million last week for regulatory breaches in relation to the case, after years of investigation. He declined to say whether he thought the Central Bank will now take action against individuals that were involved in the controversial trade. The Central Bank subsequently took over direct regulation of securities firms. Asked about the report, the Minister said that “the incident” happened at a time when the Central Bank had less powers than it does now.

Source: The Irish Times March 12, 2021 10:40 UTC