Page 3 - Barry Nangle News Today

Business Editor If a week is a long time in politics, a fortnight is an eternity in the world of stockbroking.  The extraordinary controversy that has engulfed the countrys largest broker, Davy, has developed at break-neck speed in the past two weeks.  At the start of this month, the firm enjoyed pinnacle status in the financial services community here.  It possessed an excellent brand and reputation built on trust, a stellar client list including blue chip companies like Kerry Group, Paddy ...

Davy interim CEO seeks to ease client concerns after bond scandal Bernard Byrne offers ‘unreserved and unequivocal’ apology Fri, Mar 12, 2021, 21:10   Davy’s interim chief executive, Bernard Byrne, wrote to clients on Friday evening offering his “unreserved and unequivocal apology and regret” for the bond scandal that has convulsed the business, resulting in top executive exits and the firm putting itself up for sale. “The failures at Davy have impacted our reputation and your tr...

Property developer Paddy Kearney, who sued Davy Kearney was told just after doing the deal that he could have got a much higher price of 32c in the euro, but by then it was too late. He later sued and the firm settled the case. Davy was last week fined €4m by the Central Bank over the episode. It was the largest financial penalty ever imposed on an Irish broker. The Central Bank has not named the 16 people involved in the bond deal, but key players at the firm include some of the leading figu...

The decision by the National Treasury Management Agency ( NTMA)  to drop Davy Stockbrokers as a primary dealer in government bonds has heaped enormous reputational damage on the firm. 

It is a scandal that has ripped through Dublins often intertwined financial and political circles, but has barely caused a ripple north of the border. Yet the Davy 16 golden circle drama involves one of Northern Irelands most high-profile developers and a company that manages an estimated £1.8 billion worth of assets owned by individuals and organisations here. And that includes a contract to manage nearly £200m in court funds for the Department of Justice. J&E Davy, better known simply as D...

Davy confirms it is up for sale Updated / Friday, 12 Mar 2021 09:27 Business Editor The board of stockbroker Davy has said that it has decided to pursue a sale of the group.  "Rothschild & Co has been appointed as financial adviser to manage the process," it said in a statement last night. Last week the Central Bank fined Davy €4.13m for breaching market rules in relation to a transaction involving the brokers own staff - the biggest fine of its kind ever levied on a broker in Ireland. The...

No suspected criminal activity found at Davy, Oireachtas told ‘Live supervisory matter’ but regulator declines to say if action likely against individuals Tue, Mar 9, 2021, 16:28 Updated: Tue, Mar 9, 2021, 21:44   Central Bank director general of financial conduct Derville Rowland said on Tuesday that the regulator did not find any suspected criminal activity when investigating Davy for market-rules breaches. The organisation is obliged by law to report any suspected incidents of ...

A statement was released this evening.

Davy crisis: Firm shuts bond desk, says no one linked to controversial deal is still at firm NTMA earlier pulled Davy’s ability to act as primary dealer of Government bonds Tue, Mar 9, 2021, 04:45 Updated: Tue, Mar 9, 2021, 19:47   Davy said on Monday evening that it had closed its bond desk, resulting in four redundancies, as it raced to contain a growing crisis triggered by a €4.1 million Central Bank fine and rebuke over breaches of market rules in relation to a 2014 bond deal...

How early is too early for the first meeting of the day? If you ask someone on the trading floor, it might be anything before 7am. - Salespeople and traders usually have their morning meeting at 7.30am after arriving in the office at 6.30am. If you ask juniors in the investment banking division whove been working late the night before, it might be anything before 8.30am. But if you ask consultants at Big Four firms, its not clear what constitutes a reasonable hour for the very first Zoom ca...