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How Davy’s me-first culture and intransigence towards the Central Bank brought it to its knees

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...

The lack of introspection at the stockbroker is of a piece with other scandals in Irish finance

Yesterday Davy Group lost its privileged status as a primary dealer in Irish government bonds, cutting off a key source of revenue and prestige for the country’s largest stockbroker. No longer will the firm be able to sell State debt issuance – a major blow in a year when the Department of Finance has to fund a deficit of about €20bn.

Vivienne ClarkeThe chair of the Oireachtas Finance Committee, Fianna Fáil TD John McGuinness, has called for an independent inquiry into the Davy bond…