"The message is clear that the NTMA is considering its business with Davy," one well-placed source said, adding that the NTMA already does business with Goodbody Stockbrokers and several other firms. "It's only when you read the detail that you really understand what a serious breach of trust this was. What happens to your body in extreme heat? "I have decided to stand down from my role as my continued presence in light of the extended commentary on those events is damaging for the company and my colleagues," he added. It follows a dramatic week for the broker, which saw a €4.1m Central bank fine and the departure of three senior executives. I regret my role in a transaction in 2014 and I am very sorry for the hurt that it has caused to the reputation of Davy and its people.". SNP hopes of majority remain on a knife edge2, Train services cancelled after cracks found3, Big Chinese rocket segment set to fall to Earth4, The Aboriginal boy teaching Australia a lesson5, Next Zulu king revealed amid succession feud6, South Carolina to allow executions by firing squad7, Green list is overly cautious, say travel firms8, Man held over murder of PCSO Julia James9, Amnesty apologises over Navalny status change10. Pic: Sasko Lazarov/RollingNews.ie The NTMA issued a statement insisting: ‘A primary concern for the NTMA is to maintain the reputation of Ireland as a sovereign issuer in the bond market and the orderly functioning of the market for Irish Government debt. The investigation also found the transaction was executed in such a way that the firm's compliance department did not know about it. Sections, Samantha McCaughren, Jody Corcoran and Hugh O'Connell. Read the leading stories from the world of business. Davy has a prized status as a primary dealer in Irish government bonds. Of … Enter email address The Central Bank's investigation found that gave rise to, at the very least, a potential conflict of interest between Davy, the consortium and Mr Kearney. As for Ireland, it just wants the scandal to be over, and the country’s finance minister Paschal Donohoe was quick to throw his support behind Davy’s efforts to find a new owner, in the interests of “a stable, well managed local stockbroking community to support indigenous companies”. Two other prominent figures at the company, Kyran McLaughlin, deputy chairman, and Barry Nangle, head of bonds, also quit with immediate effect. The Central Bank found the firm breached conflict of interest and other regulations in the treatment of a client. Davy to be put up for sale as Anglo bond scandal escalates. The decision to cut Davy as dealer in selling Irish Government bonds will have no impact on the State's ability to borrow, the Finance Minister has said. Senior staff from Davy — even those not involved in the Anglo bond deal which led to last week’s Central Bank fine — are likely to face greater scrutiny when taking roles in other institutions in future. "It's significant that the Central Bank acted and imposed such a large fine, that the CEO and others have resigned and that the board has been refreshed so that nobody who was there at the time is on the board any more. He has been one of the most significant figures in Irish business for much of his career. Sign Up. Let’s put it another way. Last night market sources speculated that Davy could become a takeover target. While there has been no indication that the Central Bank will further pursue individuals involved in the bond transaction, it cannot be ruled out. It's as though you were selling your house, the auctioneer pretended to be trying to get the best price for you but was actually the buyer himself," Mr Varadkar told the Sunday Independent. Pic: Leah Farrell/RollingNews.ie. That was compounded when the Central Bank began an investigation, with Davy initially providing "vague and misleading details" and "wilfully" withholding information. Photograph: Sasko Lazarov/Rollingnews.ie Separately, last night the Sunday Independent learned that the Director of Corporate Enforcement is expected to examine a Central Bank report that revealed details of the 2014 transaction, which was related to the now-defunct Anglo Irish Bank. To protect these jobs, which is crucial, Davy will need to regain the confidence and trust of its customers.". The Central Bank said this amounted to "a very serious failure". "This will do enormous reputational damage to Davy, but there are 700 staff working for the company and it would be unjust to tar them all with the same brush. They are chief executive Brian McKiernan, as well as head of bonds Barry Nangle and non-executive director Kyran McLaughlin. A large amount of the shares are now owned by ex-employees of the company, and recent developments have also left significant gaps in its management team. At least 163 Palestinians and six Israeli police are injured as rising tensions erupt into violence. Davy for sale as scandal engulfs Irish securities firm ECB speeds up bond buying to contain rising yields Ireland’s AerCap buys GE Capital Aviation in $30bn deal Davy, scandal-hit Irish securities firm, shuts bond desk Volvo Cars to go all electric by 2030 Brexit: £1.3 trillion and 7,600 UK jobs move to EU Independent company owned by management and staff Corcoran and Hugh O'Connell, the firm compliance! 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