Davy stockbrokers has made an ‘unreserved and unequivocal apology’ ahead of the Oireachtas finance committee later today.
In a letter to the committee, interim CEO Bernard Byrne pledges to restore public trust and ensure there’s no repeat of the saga.
The Central Bank will appear before the committee today and will call for more powers to make individuals accountable.
It fined Davy €4.1 million last week, after 16 of the broker’s own staff were involved in wrongful trading practices in 2014.
Committee chair and Carlow Kilkenny TD John McGuinness says tough action should now be taken against these people, noting “Davy has been fined 4.1 million, it is now important to turn to the 16, I think they should be named, I think the bank should take whatever appropriate action is necessary against the 16 and I think that they should account for themselves; what role did they play, who instigated this and what transpired in the course of this so that at the end they profited by this”.
