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
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Davy stockbrokers in Dublin. Photograph: Niall Carson/PA Wire
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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.