NTMA board strips Davy of dealership just days before €1.5bn auction of State bonds

Scandal-hit Davy was fined €4.1m by the Central Bank last week

The NTMA Board reached its decision based on its assessment of the very serious findings relating to the firm that were made by the Central Bank of Ireland last week. Picture: Sasko Lazarov/RollingNews.ie

The Government’s National Treasury Management Agency (NTMA) which organises sales of sovereign bonds for the State has struck off Davy from its roster of primary dealers just days before a €1.5bn auction in which the scandal-hit broker was due to play a key part.

Davy’s role in Thursday’s auction had become the focus of controversy after senior politicians and corporate governance experts said that Davy shouldn’t be allowed to gain access to a lucrative State-sponsored sale amid a deepening controversy about the stockbroker.