The chairman of the scandal-ridden Davy Stockbrokers is John Corrigan. Before taking up this position, he was the chief executive of the National Treasury Management Agency. This is the public body responsible for selling Irish government bonds to raise loans for the Irish state.
The sale of these bonds is often organised through a private bank or finance house. And one of the primary dealers is none other than Davy.
Davy gets a big cut from organising the sale of bonds. It has already made €4.5 million from organising these sales since 2020 – mainly to cover borrowing for Covid 19.
That coincidentally is just above the fine it received for skimming off money from Anglo-Irish bonds.
So here we have a classic case of the revolving door. A former CEO of a state agency turns up as the chairperson of a company who gains from access to that agency.
And even though the Davy scandal occurred in 2014, it took the Central Bank until 2021 to impose a fine.
And nobody, apparently, knew anything about it while Davy was creaming off money from state contracts.
Sure!.
