For decades now, Davy, the self-styled blueblood of the Irish brokerage community, has enjoyed a highly prestigious position as a primary dealer in Irish government bonds. When the NTMA, acting on behalf of the state, wants to raise money on the international markets, it turns to a handful of gilded finance houses. Davy is one of those. In fact, it is the only Irish broker on the list. Or at least it was. This afternoon, the NTMA stripped Davy of the role. It was a striking move and served to underline the gravity of a damning Central Bank report that…

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