Michael Staines
Michael Staines

21.21 11 Mar 2021


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The stockbroker Davy has been put up for sale in the wake of last week’s trading scandal.

In a statement, the company said: “The Board of J&E Davy has decided to pursue a sale of the Group.  Rothschild & Co has been appointed as financial adviser to manage the process.”

Over the weekend, three senior executives resigned from Davy after the company was fined €4.1 million by the Central Bank for breaches of market rules.

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The regulator sanctioned the bank after it emerged that 16 employees had purchased unlisted corporate bonds from a client in 2014.

On Monday, the company lost its authority to act as the primary dealer for Irish Government bonds.

The National Treasury Management Agency (NTMA) said it made the decision based on the “very serious” findings made by the Central Bank.

Following the announcement, the firm said it was closing its bond desk with immediate effect.

It said the closure has led to four redundancies. It noted that the none of the 16 people involved in the 2014 were still employed at the company.

The company is currently carrying out an independent review of the situation.


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