Davy executives betrayed all of corporate Ireland

Ireland’s reputation as a good place to do business is a delicate thing – and the 16 Davy executives – who didn’t even need the money – carelessly threw it away

The Central Bank of Ireland fined Davy €4.1 million for the offence two weeks ago, and the resulting scandal rocked the firm to its foundations

The crisis at Davy Stockbrokers centres on a breach of trust between an agent and its client. In 2014, Davy advised a client on the sale of bonds in Anglo Irish Bank. At the same time, 16 Davy executives set up a consortium to buy those bonds, without informing either the seller or its own compliance desk about the arrangement. That not only broke the rules of the game: it was a gross violation of ...