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Sasko Lazarov

Central Bank says Davy group of 16 not named because they are ‘entitled to the protections of the law’

The Central Bank experienced a “very challenging approach” throughout the Davy probe, an Oireachtas committee heard.

CENTRAL BANK DIRECTOR general of financial conduct Derville Rowland told an Oireachtas committee today that the 16 people at the centre of the Davy scandal are not being named because they are entitled to the protections of the law.

Speaking this afternoon, Rowland said the Central Bank published all the information it was able to do under “legal permissions”. 

“In terms of putting people’s names in the public domain, those people are entitled to the protections of the law and the Central Bank are obliged to obey that,” she said. 

But we do not shy away from holding individuals or firms to account where it’s possible to do so.

Last week, the Central Bank levied a fine of €4.1 million against Davy after a probe found four breaches of market rules by the company between 2014 and 2016 in relation to a bond transaction.

Rowland told the Oireachtas finance committee today that the Central Bank did not refer any information about Davy to the gardaí because it had carried out a long investigation. 

“We did not form views that there were criminal reports to be made to other agencies,” she said. 

Now that the full details of the investigation, and the facts upon which they are based are out into the public domain, we are very satisfied to engage with other agencies who may see a relevant role with them.

Rowland added that the Central Bank has already had “tentative engagements” with unnamed agencies and expects a “very fulsome engagement” in the near term.

When asked about Davy’s level of cooperation during the investigation, Rowland said the Central Bank experienced a “very challenging approach” throughout the probe. 

“I can speak for the Central Bank in saying we were preparing to expect this matter to go to contested hearing after inquiry,” she said.   

The scandal has led to fierce criticism of the stockbroker, and its CEO resigned at the weekend.

Yesterday, the National Treasury Management Agency (NTMA) said it has withdrawn the authority of the firm to act as the primary dealer in Irish government bonds with immediate effect.

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    Mute Adam Walsh
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    Jan 7th 2015, 7:30 PM

    The only current affairs programme in the world that’s comedy gold

    223
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    Mute Dermot Lane
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    Jan 7th 2015, 8:17 PM

    Yeah Druid but he can fixate on things sometimes and be a bit of a bully, but always watchable

    55
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    Mute Juninho
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    Jan 7th 2015, 10:25 PM

    I love Vincent but agree he occasionally catches onto the wrong detail in an argument and let’s more serious issues slip. But by and large a great asset to this country.

    30
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    Mute Dermot Ryan
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    Jan 7th 2015, 7:41 PM

    Vincent Browne deserves a Political Pension – He has done more for democracy in Ireland than all of Ff fg and lab in the current Dail – i.m.o.

    This is a clip of him giving it to Bertie …. a set of questions that is ….

    https://www.youtube.com/watch?v=F6tQN6H_tVY

    105
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    Mute Denis Maher
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    Jan 7th 2015, 7:48 PM

    Two words guaranteed to leave enda Kenny needing an urgent change of underpants……….Vincent brown.

    98
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    Mute Wexford pikeman
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    Jan 7th 2015, 7:48 PM

    Oh Vincent Brown, of all the Vincent Browns in the world, your the Vincent Browniest .

    86
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    Mute gumbridge
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    Jan 7th 2015, 7:54 PM

    VB is a national treasure.
    I watched him for the first time in a while last night.
    I don’t think he’s back to the full of his health since the pneumonia, but he seems even more crotchety and abrasive with his guests than ever before.
    May he get to do MANY more shows, and continue putting it up to sleeveens wherever they present themselves.

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    Mute Gus Sheridan
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    Jan 7th 2015, 7:55 PM

    This man is a hero of mine!

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    Mute Eimear Cregg
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    Jan 7th 2015, 7:50 PM

    Would love if they replayed some of the Mario Rosenstock clips ! Comedy gold

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    Mute ConcernedCitizen
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    Jan 7th 2015, 8:06 PM

    I wish Vinny all the best.
    Used to be a big fan but since the Irish Water fiasco started he has unfortunately shown time and again that he has sold out to Denis O’Brien. It hurts to say it but he’s just not the force he was at all. The show descends into meaningless farce on a regular basis with eejits like Marie Louise O’Donnell talking nonsense. Last night’s show was the best in ages so we’ll see.
    Happy 1001 anyway !

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    Mute Tweety McTweeter
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    Jan 7th 2015, 9:14 PM

    The man is a machine.

    He was on Ireland AM at 7:30 this morning after finishing late last night.
    To be fair, he was a little cranky but who wouldn’t be with that much sleep? I’m considering changing my angry chicken avatar to him in his honour.

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    Mute Denis Maher
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    Jan 7th 2015, 7:56 PM

    I hope they show the clip where the FG’er Bernard just will not shut up, Willie 0′dea couldn’t get a word in, fionnan sheehan nearly fell off his chair laughing. One of the best ever. If not its worth checking out on youtube.

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    Mute Dermot Lane
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    Jan 7th 2015, 8:40 PM

    And the time Joan Burton lost the rag with Joe Higgins

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    Mute CreditTiger
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    Jan 7th 2015, 11:07 PM

    “Stop haranguin’ me Vencennnt!!

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    Mute Michael Sands
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    Jan 8th 2015, 5:13 AM

    Are they not called tampons lol.

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    Mute Dermot Ryan
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    Jan 7th 2015, 7:42 PM

    If you want to know the government’s thinking on the need for a snap election then watch the guests on Vincent Browne – He has promised to give them as much time as they returned to his offers to appear on the show when they refused-

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    Mute Celticspirit321
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    Jan 7th 2015, 10:13 PM

    I would live to find out the things Vincent knows about some of the politicians which he can’t repeat due to libel etc

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    Mute Eugene Walsh
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    Jan 7th 2015, 10:43 PM

    Absolutely. But it would probably create a civil unrest.

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    Mute Eugene Walsh
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    Jan 7th 2015, 10:17 PM

    Go on, go on just go on,
    Ya ya ya will ya continue
    Ya ya yaaaaa jeez ya
    GO ON WILL YA!

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    Mute Turlough O' Connor
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    Jan 8th 2015, 12:35 PM

    His memory is phenomenal…. Don’t you just love when some old party hack starts spoofing and Vin can quote exactly what was said and then watch the hack squirming!.. Great pleasure indeed…. Irriplacable…

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    Mute Turlough O' Connor
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    Jan 8th 2015, 12:36 PM

    Irreplaceable .., sorry

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    Mute Michael Sands
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    Jan 8th 2015, 5:16 AM

    What would Vincent think of this, Bieden being racist towards all the Irish…
    Vice President Biden: “I may be Irish, but I’m not stupid.”

    https://www.youtube.com/watch?v=nm9BtjqlVXQ

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    Mute Michael Sands
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    Jan 8th 2015, 5:12 AM

    TTIP TTIP Hooray lol.

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