Davy sale to Bank of Ireland 'doesn't end the controversy'

Bank of Ireland is buying back the bulk of the scandal-hit Davy stockbroker. File picture: Gareth Chaney/Collins
There are still many questions for Davy, the Central Bank, and its new owner about a 2014 deal, remarked John McGuinness TD, the chair of the Oireachtas finance committee, as the bulk of the broker was sold to Bank of Ireland.
Under the sale, Bank of Ireland — in which the Government owns a 14% stake — will buy back the bulk of the broker it originally owned 15 years ago by paying €440m for the wealth management business and its capital markets division. The sale also involves the disposals of the Davy Global Fund Management unit and a stake in a small investment fund to two separate buyers for up to €125m.