Sinn Féin spokesperson on Finance Pearse Doherty has welcomed the resignations of three senior executives from Davy today following this week’s Central Bank fine.
But the Donegal TD insisted that accountability should not be at the discretion of the financial sector.
Davy’s Chief executive, Brian McKiernan, has resigned from his position as CEO. The company’s board also accepted the resignations of Davy’s deputy chairman Kyran McLaughlin and Barry Nangle from his executive role as Head of Bonds.
Deputy Doherty is now calling on the Central Bank to instigate a wider investigation into Davy.
Speaking this afternoon, Teachta Doherty said: “Resignations at Davy are necessary and are to be welcomed. But neither Davy nor anyone else in the financial sector should be able to decide what counts as accountability.
“Let’s be very clear here, these resignations have only come about after enormous public pressure following the naming of these three individuals publicly.
“This whole saga has been laced with arrogance and attempts by senior figures at Davy to brazen on through.
“This was not a case of some low-level staff going rogue, but the top brass of one of the most powerful players in the financial sector.”
The Central Bank fined Davy €4.13m for breaching market rules in relation to a transaction involving the broker’s own staff.
This cannot be the end of it, insists Deputy Doherty.
He said: “Accountability cannot be at the discretion of Davy or anyone in high finance. Yesterday I wrote to the Governor of the Central Bank requesting that the Bank carries out investigations of the individuals involved with reference to MiFID and the Market Abuse Regime.
“Corporate fines do not change behaviour or hold a single individual to account. Nor can individual accountability be at the discretion of the financial sector. It must be enforced.
“Separately, I have called on the state and NTMA to cut all ties with Davy until those involved are held to account and there is a root and branch review of the organisation.
“The state cannot permit any individual or organisation who puts personal gain above its regulatory obligations to have any involvement in its assets and liabilities.”
