Sumary of Davy review finds high levels of staff dealing:
- The Central Bank fine and reprimand came after an investigation which found that 16 staff, including top executives, had sought to make a profit by taking the other side of a bond deal in 2014 involving a client without telling him or the firm’s compliance team.
- The Davy 16, including former chief executive Brian McKiernan and former deputy chairman Kyran McLaughlin, bought at a knockdown price an Anglo Irish Bank bond that the firm was given the job of selling for Northern Ireland property developer Patrick Kearney.
- This would see the firm’s compliance department tracking aggregate trading levels and trading patterns of individual staff members.
- Bank of Ireland confirmed on Thursday that it has it has reached a deal to buy Davy’s core capital markets and wealth management businesses for an enterprise value of €440 million, plus the possibility of up to €40 million of further payments from 2025, subject to the performance of the business.