chief executive, as interim chief executive on Saturday. Mr Byrne, who joined the brokerage two years ago, promised members of the firm’s 700 workforce in a virtual call on Monday morning that the firm would take action to stem the crisis. Davy is preparing to hire an outside firm to carry out an independent review of matters arising from the Central Bank’s findings.
Davy was the only Irish-owned firm among the 15 primary dealers of Government bonds recognised by the NTMA, and would have been required to find buyers for State debt as the NTMA seeks to raise as much as €1.5 billion in a bond auction on Thursday. Davy would have made about €4.5 million in fees from being one of six managers of such deals in three major bond sales since the start of 2020, through which the NTMA raised almost €16 billion, driven by the Government’s need for funds to deal with the spiralling costs of the Covid-19 pandemic.