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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 country's 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 Power owner Flutter Entertainment, Smurfit Kappa and Ryanair, and a prestigious status as a primary...

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 trust in us. As the new leader of Davy I will do everything I can to rebuild that trust,” said Mr By...

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 figures in the financial world in Dublin. Among the luminaries who quit in the days after the fine was i...

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 Dublin's 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 Ireland's 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 Davy, a storied and many decades-established stockbroking firm in Dublin, only stepped across the...