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Davy controversy harks back to lack of accountability in tracker mortgage scandal, says McDonald

The Taoiseach says what happened in Davy is ‘unacceptable’.

McDonald said planned legislation that would hold senior executives to account in such cases is two years behind.
McDonald said planned legislation that would hold senior executives to account in such cases is two years behind.
Image: Oireachtas.ie

TAOISEACH MICHEÁL MARTIN has said the Davy case revealed an “appalling culture of greed”. 

Speaking during Leaders’ Questions, he said what happened in Davy was “unacceptable”.

He added that he agreed with the NTMA’s decision to withdraws Davy’s authority to act as primary dealer of Irish government bonds. 

The Sinn Féin leader rounded on the Taoiseach, stating that this is just the latest scandal in the financial institutions that is eroding any public confidence in the sector. 

Similar to the tracker mortgage scandal, which impacted 40,000 mortgage holders, no one has been held accountable, she said.

The “toxic culture” has reared its head again, she said.

Public anger led to the resignations of those implicated in the scandal, she told the Taoiseach, but said that none of the Davy 16 employees have been held to account. 

McDonald said planned legislation that would hold senior executives to account in such cases is two years behind. 

If anyone thought greed had been done away with by the financial elites, they would have been disappointed last week, she said, stating that it is “alive and well”. 

In relation to further actions, the Taoiseach said other groups such as those in corporate enforcement can intervene, but said he doesn’t want to prejudice anything, saying that is a decision for them to take. 

He pointed out that the Central Bank does have powers to sanction individuals in such cases, but added that their powers must also be strengthened. He hit out at Davy for attempting to frustrate the Central Bank investigation. 

Martin said the heads of the Bill that will hold executives to account will be published soon, he said. 

The Taoiseach then used the opportunity to pivot onto the subject matter of Sinn Fein’s finances, stating: ”Your party cosies up to high finance as well. There’s only one party here now that travels the world and cosies up to big construction and high finance.”

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Martin said Sinn Fein cosies up to high finance in the US “when it suits you”. 

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