Oireachtas Joint and Select Committees

Tuesday, 9 March 2021

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Central Bank of Ireland: Discussion

Photo of Bernard DurkanBernard Durkan (Kildare North, Fine Gael) | Oireachtas source

I am sorry, but I do not agree with Ms Rowland. I presume that the captions stating that an organisation has the right to operate under licence from the Central Bank of Ireland are an advertisement to everybody that these are safe organisations with which to do business. Clients can be absolutely assured that they are dealing with a safe house. The activities in question went on for seven years and it was not possible for the client to come to that conclusion. At any stage in the past seven years or before that, did the Central Bank receive a complaint about the activities going on in Davy Stockbrokers? Did any clients complain? Did anyone complain about a client? Was that complaint received in the Central Bank? My last question is on whether there are any particular groups of shareholders or investors with Davy Stockbrokers who might be particularly affected in one way or another by what went on. I am referring to being beneficially affected, of course.

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