Central Bank publishes Oireachtas correspondence on Davy

Relates to the record €4.21m fine imposed by the Central Bank on Davy for serious regulatory breaches
Central Bank publishes Oireachtas correspondence on Davy

The Central Bank has not named any individuals in the context of the Davy Enforcement Outcome.

The Central Bank has published correspondence it has had with Oireachtas members in relation to the Davy bond scandal.

In response to a series of questions posed by the Social Democrats TD Roisin Shortall, the Central Bank's Director-General Derville Rowland said the four breaches of regulations admitted by Davy are not designated as criminal offences under current regulations. 

"However, the breaches were very serious regulatory breaches and the public reprimand and financial sanction imposed reflect that," she wrote.

The correspondence was dated March 31 and published by the Central Bank today.

It relates to the record €4.21m fine imposed by the Central Bank on Davy for serious regulatory breaches.

Ms Shortall TD also asked if the Central Bank planned to name the 16 individuals concerned in the matter.

"The Central Bank has not named any individuals in the context of the Davy Enforcement Outcome. The investigation was into breaches of the MiFID Regulations by Davy, the regulated entity not any individuals."

Asked by the Sinn Féin TD Pearse Doherty about future possible enforcement actions, Ms Rowland said: "The Central Bank’s supervisory engagement with Davy is intrusive, live and ongoing. The Central Bank cannot provide any further comment in relation to current or future investigations."

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