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Cabinet approves drafting of Bill to make individual bankers accountable
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Draft Bill to improve accountability in financial firms
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Central Bank to tell committee stronger regulatory framework needed in wake of Davy controversy
The scandal has led to fierce criticism of the firm, and its CEO resigned at the weekend. By Cónal Thomas Tuesday 9 Mar 2021, 9:54 AM Mar 9th 2021, 9:54 AM 8,696 Views 49 Comments
Image: RollingNews.ie
Image: RollingNews.ie
A SENIOR CENTRAL Bank representative will tell an Oireachtas Committee today that Ireland needs a stronger regulatory framework to hold individuals accountable for breaches.
Director General of Financial Conduct at the bank Derville Rowland will make her comments following a fine of €4.1 million against stockbrokers Davy after a probe found four breaches of market rules by the company between 2014 and 2016 in relation to a bond transaction.
Central Bank to discuss Davy case with gardai and ODCE
Updated / Tuesday, 9 Mar 2021
22:22
Business Editor
The Director General of Financial Conduct at the Central Bank has said the findings of the bank s investigation into Davy will be discussed with gardaí and the Office of the Director of Corporate Enforcement.
However Derville Rowland told the Oireachtas Finance Committee that the probe into the stockbroker did not form views that criminal reports should be made to other agencies.
Ms Rowland said that now that the full details of the investigation are out into the public domain, the bank is satisfied to engage with other unnamed agencies who may see a relevant role with them, adding that it has had tentative engagements with some.