Davy controversy leads to departure of senior trio from Ireland's largest broker

Davy has said it "deeply regrets the shortcomings that emerged from the Central Bank of Ireland’s investigation and apologises unreservedly and unequivocally that these failures occurred". 

The resignations were announced this afternoon. Picture: Sasko Lazarov/Rollingnews.ie

The controversy enveloping Davy, Ireland’s largest stockbroker, following a record €4.1m fine earlier this week, has led to the resignation of a trio of senior executives, including its chief executive and the early departure of its deputy chairman.

The Central Bank announced the fine earlier this week — the largest ever handed out for an Irish stockbroker — after Davy failed to supervise a group of 16 of its own employees in their personal account dealings in the sale of Anglo Irish bonds for a client in late 2014.