It is just over a week since the scandal involving Davy stockbrokers blew up, and the €4.1 million Central Bank fine and rebuke for market rule breaches continue to dominate the headlines and debate in the business and political arenas.
The saga has seen the resignation of former chief executive Brian McKiernan, former deputy chairman Kyran McLaughlin and former head of bonds Barry Nangle on Saturday, and the closure of the stockbroker’s bond desk on Monday.
The National Treasury Management Agency (NTMA) pulled Davy’s authorisation as a primary dealer in Government bonds the same day.
Central Bank officials were before the Oireachtas finance committee yesterday telling TDs and Senators how the 2014 bond deal at the heart of the Davy scandal “caused a day of reckoning” for the State’s largest stockbroking firm.
Our lead today looks at how Davy's future – and that of its 700 staff – may lie in a possible takeover by Bank of Ireland, which has made an exploratory approach about the possibility of doing a deal.
Cliff Taylor and Joe Brennan also report on the Oireachtas committee proceedings where senior Central Bank official Derville Rowland said her organisation found no signs of suspected criminal activity during their investigation into Davy that would have obliged them, by law, to make reports to An Garda Síochána or the Office of the Director of Corporate Enforcement.
Elsewhere, Minister for Finance Paschal Donohoe mounted a defence of the existing regulatory powers in place to deal with issues like those that arose at Davy as he faced reporters’ questions on the possibility of individuals being held to account.
He said the fine that was levied and the decision by the NTMA not to use Davy as a primary dealer of Irish Government bonds “make very, very clear how seriously we are treating this issue as a Government and make very clear . . . the standards that we require to be met by organisations and companies that the Government works with”.
With the Dáil back today it will be interesting to see if the Opposition takes the opportunity of Leaders’ or Taoiseach’s Questions to raise the issue with Micheál Martin.
Miriam Lord, meanwhile, gives her take on the Central Bank's committee appearance, seizing on Ms Rowland's belief that "sunshine is the best disinfectant" when investigating the issues that arose at Davy and dubbing her the "Van Hesling of the banking world". Fair play to Miriam for the liberal references to vampires without referring to the dreaded Twilight movie series.
Pandemic-wise, Pat Leahy reports on how the Government has tried, without success, to source extra vaccines from other EU countries and the UK amid the slow rollout here.
Efforts have also been made to convince pharma companies Pfizer and Merck to manufacture vaccines here to boost supply, with offers to assist with the cost of reconfiguring production plants, but again without success.
Elsewhere, another dark chapter of Ireland’s past remains somewhat murky as a review of the prevalence of illegal adoptions found up to 20,000 files could potentially relate to irregular birth registrations.
The review stopped short of recommending a full inquiry into the files, but it does call for further analysis. It also said an absence of clear evidence of incorrect registration does not mean "markers" – language on files that could indicate an improper registration – can be ignored. Jack Horgan Jones, Jennifer Bray and Pat Leahy report.
Best reads
The Taoiseach is surprised by Catholic bishops' plea on Covid-19 rules.
Golfers will be interested to know that Irish courses have endured the longest Covid-19 closures in the world. Ruaidhrí Croke reports.
Senator Michael McDowell weighs in on the debate about tall buildings in Dublin's skyline.
Playbook
Dáil proceedings start at 10am with a debate on a proposed Sinn Féin Bill aimed at giving adopted people a right of access to their birth certificates. The Government is not opposing it, but the Sinn Féin Bill is likely to be overtaken when Government legislation on the area is brought forward in the coming weeks.
Taoiseach Micheál Martin faces questions from Sinn Féin and three groups of Independents from noon, with the separate Taoiseach’s Questions scheduled to start at 1.04pm.
Minister for Higher Education Simon Harris is due in for statements and a questions-and-answers session later in the afternoon before Government Business related to the Land Development Agency Bill 2021 and the Public Service Pay Bill 2020.
The Children (Amendment) Bill 2020 [Seanad] – which would allow for the naming of child murder victims to resume – is also on the agenda.
Minister for the Environment, Climate and Communications Eamon Ryan takes parliamentary questions from 7pm.
Committees on social protection, media, the Irish language and transport will meet in private session.
