Minister for Finance Paschal Donohoe has said the Government continues to treat issues at Davy Stockbrokers very seriously.
— RTÉ News March 9, 2021 The Central Bank last week fined Davy €4.13m for breaching market rules in relation to a transaction involving the broker's own staff - the biggest fine of its kind ever levied on a broker in Ireland. A "consortium" of 16 Davy employees, including a group of senior executives, bought what are understood to have been unlisted corporate bonds from a client at an agreed price.
In a letter sent to the Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach yesterday, Bernard Byrne also repeated the board's recent unequivocal apology and regret for what had happened, saying it was truly sorry. He said it would ensure there would be an appropriate assessment of other relevant activity and determine the adequacy of enhanced compliance controls and governance designed to prevent possible conflicts.
Last night Davy said it was closing its bond desk with immediate effect, with the result that four people would be made redundant.Meanwhile, the Chair of the Oireachtas Finance Committee Fianna John McGuinness has said he believes there will have to be a separate independent inquiry into what happened at Davy, because "everyone questions whether or not this was just a single issue or whether it was much more".
We sold Goodbody 10 yrs ago for 24m...bought it back last week for 138m...can we not just use them?