Davy crisis deepens 'to risk reputation of State'

Scandal blew up after the firm was fined €4.1m for its failure to supervise a group of 16 of its employees in their 2014 profiting from personal dealings in the sale of Anglo Irish bank bonds

The Government and the NTMA risk bringing the State into disrepute a decade after the international bailout, if they allow scandal-ridden stockbroker Davy to participate in a sale of Irish sovereign bonds this week, leading corporate governance experts have warned. Picture: Sam Boal/RollingNews.ie

The Government and the National Treasury Management Agency (NTMA) risk bringing the State into disrepute a decade after the international bailout, if they allow scandal-ridden stockbroker Davy to participate in a sale of Irish sovereign bonds this week, leading corporate governance experts have warned.

The scandal involving Davy, Ireland’s largest stockbroker, blew up after the firm was fined €4.1m for its failure to supervise a group of 16 of its own employees — including senior personnel and key management owners — in their 2014 profiting from personal dealings in the sale of Anglo Irish bank bonds.