Central Bank to discuss Davy case with gardai and ODCE

However Derville Rowland told the Oireachtas Finance Committee that the probe into the stockbroker did not form views that criminal reports should be made to other agencies.

"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. She told the committee that during the first engagements, when the transaction became public, there was contact from Davy that in the bank's view sought to minimise the transaction and mischaracterise the seriousness of the events.

She said Davy had confirmed there had been significant change in respect of governance, risk management, compliance and controls and confirmed external parties had reviewed that. She added that the bank also plays a role in scrutinising the shareholdings at certain thresholds in regulated entities and is highly focused on the issue.

Three senior figures at Davy resigned on foot of the findings last weekend, while the National Treasury Management Agency yesterday withdrew the firm's authority to act as a primary dealer in Irish Government bonds. "Publicised enforcement outcomes send a wider message to firms and individuals to drive improvements in compliance, behaviour and culture across the financial system," she said in her statement.

"We regard the Individual Accountability Framework, including the introduction of conduct standards for individuals and the Senior Executive Accountability Regime , as necessary enhancements to our supervisory and enforcement toolkit to support effective culture in regulated firms," the representative told TDs and Senators.

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Central Bank to tell committee stronger regulatory framework needed in wake of Davy controversyThe law is written by and for the capitalist class. It's not intended to hold that ruling class to account. Radical idea. Why not have an investigation to see if current legislation was breached.
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Miriam Lord: Central Bank recommends a shot of vitamin D for the Davy gangFor Derville Rowland, the silver bullet is a shaft of sunlight through the company wallet I wouldn't send the Central Bank to the shop to buy milk. LeoVaradkar MaryLouMcDonald If this flippant article has a scintilla of truth then Davy’s has to go, the CB enforcers have to go & the laws need to be changed NOW. This is a national embarrassment & scandal. How can Ireland attract the top tier (not back office) institutions? LeoVaradkar MaryLouMcDonald The government has shown, with Covid, that it has the ability to enact and expedite laws so why have laws not been enacted since 2008 to mitigate and punish crimes & misfeasance of this nature by individuals, corporates and financial institutions
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A 'moment of reckoning' for Davy, says Central BankThe Director of Financial Conduct at the Central Bank has said the enforcement team who carried out the probe into stockbroker Davy did not form views that there were criminal reports to be made to other agencies
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Bank of Ireland approaches crisis-stricken Davy over possible deal if buyer soughtNo evidence of suspected criminal activity in broker inquiry, according to Central Bank
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