March 8, 2021
NTMA must clarify if Davy will have role in bond auction – Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has called on the NTMA to clarify if Davy will have a role as lead manager in Thursday’s bond auction.

The Donegal TD said that until individuals are held to account with a root and branch review of Davy Stockbrokers, the State and the NTMA will have no choice but to cut all ties with the firm.

Failing to do so amounts to the Government turning a blind eye to malpractice in high finance.

Speaking this morning, Teachta Doherty said:

“Recent revelations and the recent Central Bank fine against Davy Stockbrokers were a damning indictment of the practices and culture within the firm.

“While resignations at the firm are welcome and necessary, Davy cannot be permitted to decide what counts as accountability, or where accountability ends.

“A number of questions remain – where are the remaining 13 of the 16 members of the consortium? Do any of those 13 remain within the organisation?

“On Friday I wrote to the Central Bank calling for a root and branch review of activities within Davy, in addition to investigations concerning the individuals involved in the transaction.

“It is imperative that the State and the NTMA immediately cut ties with Davy until these actions have taken place.

“Davy is a primary dealer of Irish Government bonds on behalf of the taxpayer.

“We cannot allow an organisation or individuals that put personal profit above the rules to have any role in representing the State or managing Government bonds on the global stage.

“This is a crossroads for the Government.

“Either the Government chooses to turn a blind eye on this behaviour or it decides to stand up and lay down a marker that these practices will not be tolerated.

“We cannot allow an organisation or individuals that put personal profit above the rules to have any role in representing the State or managing Government bonds on the global stage.

“To do so damages the reputation of the State, a reputation that already lay in tatters after unscrupulous figures in high finance drove our economy to the brink a decade ago.

“The NTMA should clarify whether Davy will have any role in Thursday’s bond action, and if they will be cutting all ties with Davy until these matters are fully resolved.”

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