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Did Davy not learn from the past? The stockbroker had come to supervisors’ attention in relation to bond deals with credit union clients Sat, Mar 13, 2021, 06:00 Listen now 2:39 Davy stockbrokers in Dublin. Photograph: Niall Carson/PA Wire Your Web Browser may be out of date. If you are using Internet Explorer 9, 10 or 11 our Audio player will not work properly.
Davy was always a house of high finance, where professional investors made fortunes when markets were riding high. But in the broker’s entanglement with credit unions it was local institutions funded by small-time savers whose money was at stake. At the end of a catastrophic week for Davy, the company is for sale. This is the direct result of a €4.13 million Central Bank fine over a 2014 Anglo Irish Bank bond deal in which Davy was on two sides of the transaction. ....
Davy controversy smacks of proxy battle between Old and New Ireland The crucial difference to other financial scandals is that the decision-makers were immediately identifiable Sat, Mar 13, 2021, 05:00 Listen now 6:09 The Government will hope that whoever takes on Davy takes it as one business, rather than buying just the wealth management side. Photograph: Gareth Chaney/Collins Your Web Browser may be out of date. If you are using Internet Explorer 9, 10 or 11 our Audio player will not work properly.
Is there a bit of Old Ireland versus New Ireland in the reaction to the Davy scandal? In Ireland’s business world, the Old Ireland gang, whose pension and share portfolio is probably managed by the brokers, is agog reading all about it. They will regret not being able to go to the golf club at the weekend to discuss whether they should “move their money”. But is this group, while shocked by the details of what happened, also somewhat surpris ....
By Reuters Staff 2 Min Read DUBLIN (Reuters) - Ireland’s Davy Stockbrokers, which is grappling with the fallout from a record central bank fine, has decided to put itself up for sale, the firm said on Thursday. Ireland’s largest stockbroker, Davy was fined last week after an inquiry into 16 of its staff who the regulator alleged sought to profit in 2014 by taking the opposite side of a bond deal with a client, without telling the client or compliance officials. Davy closed its bond desk on Monday after it was dropped as a primary dealer in Irish government bonds and the central bank said on Tuesday it remained under close regulatory scrutiny following the 4.1 million euros ($4.9 million) fine. ....