NTMA withdraws J+E Davy authority to act as Primary Dealer

The Board of the National Treasury Management Agency (NTMA) has withdrawn J&E Davy’s authority to act as Primary Dealer in Irish Government bonds with immediate effect.

The Board reached its decision based on its assessment of the very serious findings relating to the firm that were made by the Central Bank of Ireland last week and following engagement with investors in Irish Government debt over recent days.

A primary concern for the NTMA is to maintain the reputation of Ireland as a sovereign issuer in the bond market and the orderly functioning of the market for Irish Government debt. In this context, the NTMA believes that the behaviour described in the Central Bank findings falls substantially short of the standards expected from market counterparties, peers and colleagues in the bond market and is potentially damaging to Ireland’s reputation as a sovereign issuer.

Article Published: 08/03/2021