Davy scandal Q&A: The who, what, where, when and why?
How did the broker end up being fined €4m and what happens next?
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How did the broker end up being fined €4m and what happens next?
The troubled stockbroker’s CEO and two other senior executives have resigned over a 2014 bond deal that resulted in a €4.1m fine from the Central Bank
Fianna Fáil TD and Chairman of the Oireachtas finance committee John McGuinness has said the Central Bank has all the answers on Davy stockbrokers but it is restricted by legislation as to what it can say to the committee.
Davy Stockbrokers are, sadly, too big to fail. This weekend, the firm's solid edifice in Dublin's Dawson street is all that remains upright. Inside, the staff are staggering but still standing. Customers are bewildered, worried that their pensions, shares and savings are at the mercy of a rogue outfit. The Government is shaken by the antics of its favourite stockbroker. Last week's fine of €4.1m, imposed on Davy by the Central Bank, has revealed a tale of intrigue, deceit and greed. Yet Davy will survive. In Ireland's financial jungle, Davy is the uncrowned king. Powerful people are at the...
Group of 16 involved in rogue bond trade own at least 33% of stockbrokers