Are we back to the Dark Days of Anglo Irish Ghosts here? FF are in Charge here? Will there be another Cover up? Davy Stockbrokers need a Total Clear out, and some, should in time Face the Courts, but we all Know this wont happen?

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Doherty calls for State to ‘cut ties’ with Davy stockbrokers following scandal

  2 hrs ago


Sinn Fein’s financial spokesperson Pearse Doherty has said that the State has a responsibility to ‘cut its ties’ with Ireland’s largest stockbroker Davy.Pearse Doherty wearing a suit and tie© Provided by Extra.ie

The firm was fined €4.13million by the Central Bank for breaches of market rules involving 16 of its own employees — including senior executibes and key management owners.

The fine came following an investigation into the 2014 Anglo Irish bank bond deal that the business was involved in.a close up of a street sign on a brick building: Sinn Fein’s financial spokesperson Pearse Doherty has said that the State has a responsibility to ‘cut its ties’ with Ireland’s largest stockbroker Davy. Pic: Sam Boal/RollingNews.ie© Provided by Extra.ie Sinn Fein’s financial spokesperson Pearse Doherty has said that the State has a responsibility to ‘cut its ties’ with Ireland’s largest stockbroker Davy. Pic: Sam Boal/RollingNews.ie

Employees had been buying unlisted Anglo Irish Bank bonds from a client at an agreed price.

In the wake of the scandal, Davy’s chief executive Brian McKiernan, deputy chairman Kyran McLaughlin, and Head of Bonds Barry Nangle have all stepped down.

While chairman Brian McKiernan has pledged to ‘restore trust in the integrity and robustness of our control environment and culture’.Pearse Doherty wearing a suit and tie smiling and looking at the camera: As Davy is a primary dealer of Irish Government bonds, Mr Doherty has called for the arrangement to change. Pic: Leah Farrell/RollingNews.ie© Provided by Extra.ie As Davy is a primary dealer of Irish Government bonds, Mr Doherty has called for the arrangement to change. Pic: Leah Farrell/RollingNews.ie

As Davy is a primary dealer of Irish Government bonds, Mr Doherty has called for the arrangement to change.

He has also called for an investigation into all 16 individuals involved in the scandal.

‘There are countries all throughout the world who sell their bonds on the international markets, and don’t go to Davy’s,’ Mr Doherty told Newstalk on Monday.text, logo: ‘Given the significance of what has happened, I think the State can’t continue to engage with this organisation until there is individual accountability and until there is clear trust and a proper investigation wider than that single transaction.’ Pic Sasko Lazarov/RollingNews.ie© Provided by Extra.ie ‘Given the significance of what has happened, I think the State can’t continue to engage with this organisation until there is individual accountability and until there is clear trust and a proper investigation wider than that single transaction.’ Pic Sasko Lazarov/RollingNews.ie

‘I think we’re left in a situation where the State can’t continue to provide reputational cover to an organisation which basically tried to ride this out… which issued a number of internal memos to its staff without acknowledging what had happened, and which only saw resignations of three individuals after public pressure.

Given the significance of what has happened, I think the State can’t continue to engage with this organisation until there is individual accountability and until there is clear trust and a proper investigation wider than that single transaction.’Pearse Doherty wearing a suit and tie standing in front of a building: Pearse Doherty has also called for an investigation into all 16 individuals involved in the scandal. Pic: Collins© Provided by Extra.ie Pearse Doherty has also called for an investigation into all 16 individuals involved in the scandal. Pic: Collins

Public Expenditure Minister Michael McGrath has said that an investigation into individuals can now take place as the investigation into the firm has been completed.

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