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Yesterday, the National Treasury Management Agency (NTMA) said it has withdrawn the authority of the firm to act as the primary dealer in Irish government bonds with immediate effect.