By withdrawing its support for Davy, the NTMA has precipitated the closure of the broker's bond desk. But it has also left Davy exposed to an exodus of clients.
In 2015, Tom Lyons exposed a startling deal involving Davy Stockbrokers and a client over Anglo bonds. Following a damning Central Bank investigation into the scandal last week, we have continued to focus on the deal and the Davy executives behind it. This is a portal to all our coverage.
Davy will be hoping this blows over. Hopefully, it won’t. This is a bona fide scandal. Talk of cultural reform is all well and good, but it is hard to believe and hard to stomach.
The Central Bank’s €4.1m censure is only the start. Add in the legal bills Davy incurred over a multi-year investigation. Plus, it also paid out a multi-million euro settlement to the developer the firm wronged.
Davy and the Bank of China are the two leading contenders to buy Goodbody stockbrokers. Fexco, the 51% owner of Goodbody, will have the final say. For Goodbody staff, who own the remaining 49%, a lot is at stake.
Chinese financial giant has dispatched a team to Dublin to seal deal for broker but faces challenge from Davy and Irish Life.
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