No Time To Bond [Updated]

at

This afternoon.

The National Treasury Management Agency has withdrawn stockbroker Davy’s authority to act as a primary dealer for Irish Government debt.

It comes as the NTMA said it plans to raise €1-1.5 billion of debt on Thursday through the sale of 10 and 29-year Treasury bonds.

The agency said its board had reached its decision on Davy based on its “assessment of the very serious findings” relating to the firm that were made by the Central Bank last week.

Earlier…

This afternoon.

Further to the resignation of three senior figures at Davy stockbrokers, including its chief executive and deputy chairman, after the firm was fined €4.1m  by the Central Bank for breaches in regulations during a 2014 bond transaction [Employees acting as a consortium of investors had been buying unlisted Anglo Irish Bank bonds from a client at an agreed price]…

Via RTÉ

The National Treasury Management Agency has declined to say whether stockbroker Davy will take part in the bond auction planned for later this week.

It comes after the new interim chief executive of Davy, Bernard Byrne, addressed staff at the company this morning.

It is understood that in his address, Mr Byrne acknowledged that the board of Davy understands that there were failings and that he committed to act with urgency and do the right things, subject to due process being observed.

Sources indicated there was a tone of humility to what Mr Byrne said and a recognition that Davy had “got it wrong”.

Good times.

NTMA won’t say if Davy will take part in bond auction (RTÉ)

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21 thoughts on “No Time To Bond [Updated]

          1. johnny

            it was a great heist legendary up there,the only part i dont like is they got caught,what are your issues/problems with it ?
            i mean beside everyone being GUILTY:)
            ..the casino is closed thanks for playing paddy,the house always wins.

          2. Brother Barnabas

            “what are your issues/problems with it?”

            like aside from the lack of ethics, professionalism, honesty, truthfulness, honour… aside from all that, I think it was fine. no problem at all.

          3. johnny

            ..you sound gas crack,zzzzzzzz
            very,very mature all together.
            behind every great fortune,is a great…..
            imagine the ones they got away with:)

          4. Brother Barnabas

            rumour is that some of the ones they got away with it might now be reviewed

            that’d be fun

          5. johnny

            …yeah rumors and innuendo the irish pastime.
            oh well at least no one facing any charges or investigators,so no fear of them been found guily,as they did not break any irish laws,just some EU bs.-they laughing in the city of london.

  1. GiggidyGoo

    ‘Sources indicated there was a tone of humility to what Mr Byrne said’
    Sources? ROFL!

    1. Nilbert

      “There will be a tone of humility to what I’m about to say’,indicated Mr Byrne.

  2. Brother Barnabas

    would love to know thursday’s exclusion will cost davys

    and with another c10bn at least to go this year, possibly missing out on that too

    1. johnny

      (most people want do away with primary dealers,its outdated not used in states.)

      a lot less that they did flipping paddy’s bad paper-KABOOM!

      not hard find out why not do the math?

      -would love to know thursday’s exclusion will cost davys-

      what you think they make here ?

  3. Brother Barnabas

    turns out removal of Davy logo from the IT business podcast wasn’t ‘cancel culture’ after all –

    https://www.independent.ie/business/irish/fallout-for-davy-widens-as-firm-suspends-high-profile-partnerships-40172591.html

    Fallout for Davy widens as firm suspends high-profile partnerships:

    “Davy Group has paused its sponsorship programmes – including patronage of the National Yacht Club in Dún Laoghaire and the National Concert Hall (NCH) – amid the fallout from the bond deal scandal that landed the firm with a €4.13m fine last week.
    The Irish Independent has learned that Davy has suspended all activity across its sponsorships in sport, the arts and media.
    The recipients affected also include golfers Leona Maguire and Ronan Mullarney and the Irish Times ‘Inside Business’ podcast.
    A Davy spokesperson said the decision was a “natural” consequence of the Central Bank’s reprimand of the firm and that its sponsorships would be reviewed after an indefinite pause.”

    1. Broadbag

      We’ve been told off by your Ma so we’re taking all our toys home and never bringing them out again, very mature response.

  4. gringo

    Welcome to huckster city, where the gombeens rule supreme.There will be many arguments made as to why these clowns should not be sacked because we cannot be setting a precedent like that. Who knows where that might end?

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