Bank of Ireland 'makes early-stage approach to buy' scandal-ridden broker Davy

 Picture: Andy Gibson.

Bank of Ireland — in which the Government owns a 14% stake — has made an early-stage approach to buy Davy as the future of ownership of the scandal-ridden stockbroker appears to be up in the air.

Any purchase of Davy by Bank of Ireland would involve the bank buying back the broker it owned before a management-led buyout of the firm during the property boom around 15 years ago.