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Sasko Lazarov/RollingNews.ie
NTMA
NTMA withdraws Davy's authority to act as primary dealer of Irish government bonds
The pressure has ramped up on Davy after last week’s fine levied by the Central Bank.
3.51pm, 8 Mar 2021
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LAST UPDATE|8 Mar 2021
THE NATIONAL TREASURY Management Agency (NTMA) has said it has withdrawn the authority of firm Davy to act as the primary dealer in Irish government bonds with immediate effect.
The NTMA said that Davy’s position as a dealer of government bonds was “potentially damaging” to Ireland’s reputation amid a growing scandal.
Last week, the Central Bank levied a fine of €4.1 million against the company after a probe found four breaches of market rules by Davy between 2014 and 2016 in relation to a bond transaction.
Minister for Finance Paschal Donohoe referred to the matter as an “exceptionally serious” issue, while Minister for Public Expenditure and Reform Michael McGrath called it an unacceptable breach of trust.
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Writing in TheJournal.ie, Sinn Féin’s finance spokesperson Pearse Doherty urged the government to cut all ties with Davy unless individuals were held to account.
In its statement today, the NTMA said it has made its decision on foot of the “very serious findings” against Davy last week and after “engagement with investors in Irish government debt over recent days”.
It said: “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.
“In this context, the NTMA believes that the behaviour described in the Central Bank findings falls substantially short of the standards expected from market counterparties, peers and colleagues in the bond market and is potentially damaging to Ireland’s reputation as a sovereign issuer.”
Minister Donohoe, in a statement this evening., said he felt the NTMA’s decision was “appropriate”.
He said: ‘I note and support the decision taken today by the Board of the NTMA. This is the appropriate decision given the recent very serious findings of the Central Bank.”
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There’s a growing instability in the North these days. Strong leadership is needed North and South, to prevent the outbreak of violence, and to maintain the peace.
@Frog Náireach: There is peace and there is no chance of the violent past returning. These types of attacks are being carried out by Loyalists against immigrants or other loyalist gang members. They dont threaten the stability of the North.
You see the craziness in the way they drive down here alone. And in their laws where guilt is presumed and innocence must be proven. It’s sui generis. A place apart up there beyond the bogs and rushes and abandoned wastes of North Cavan and Fermanagh. Leave them where they are another 300 years might be fit for civilised company then.
@John O’Driscoll: You on the sauce early tonight then? You sound like a teenage girl trying to imbibe the spirit Seamus Heaney in a bid to sound intellectual. The only abandoned waste here is your own grasp of reality. If you’re an example of this “civilised company” that is lacking everywhere North of Cavan ; then god help us. Pompous little man.
More renewable hate initiatives. Never let them in they are different from us. Been too long and would be a disaster. They remember 400 years ago like it was yesterday and every carefully planned insult murder and wrong done since. Done by the “other side” that is. Never their own. Or “mines” as they say in that curious argot.
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