As the Central Bank prepared to publish the result of its investigation into Davy’s role in the Anglo Irish Bank bond transaction, the mood was one of relief. The press strategy had been agreed. The relevant parties had been briefed. Journalists had been told to expect an announcement but had not been given any detail. Aides and regulators expected the import of the investigation, allied to a €4.1 million fine against Davy, to generate some traction, but most assumed it would fall off the news agenda within a day. The investigation had been a long time in gestation, almost too…

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