A 'moment of reckoning' for Davy, says Central Bank

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"Right as we speak, we are engaged in a very dynamic and significant regulatory engagement with Davys and it is a very evolving situation and I can't be drawn...in commenting on future regulatory actions against individuals," she said. In response to questions from Fianna Fail's Justice Spokesman, Jim O'Callaghan, Ms Rowland outlined the nature of the difficulties it came up against when conducting the probe.

Asked by Mr O'Callaghan if she was satisfied there were no other victims, Ms Rowland said only that this had not been the bank's first engagement with the firm. But she said in general terms the Central Bank has very serious roles around authorising firms and the fitness and probity of individuals with senior roles in those firms.

The regulator concluded the stockbroker had breached several regulations around a deal in 2014 where a client sold a bond to a buyer and was not told the purchaser was a consortium made up of 16 Davy staff. She also said that when it concludes enforcement actions, the bank publishes detailed statements on the breaches, sanctions and reasons as it believes "sunlight is the best disinfectant".

But the statement said that notwithstanding the strong suite of existing enforcement powers the bank has, it does believe that the regulatory framework requires "further strengthening with regard to individual accountability". "We can ensure that changes are done in an orderly manner; that the impact of such decisions has been carefully considered across the full customer base and at the appropriate levels; and that firms adhere to regulatory requirements, including the Consumer Protection Code 20123."

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