TheJournal.ie uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more »
Dublin: 5 °C Friday 24 May, 2013

Central Bank warns over five investment firms

The five companies based abroad had been operating in Ireland without authorisation.

Image: Eamonn Farrell/Photocall Ireland

THE CENTRAL BANK has warned members of the public over five investment firms operating in Ireland.

The companies, all based abroad, have been offering financial services in this country despite not being legally allowed to do so, the bank said.

None of the five companies has been officially authorised as an investment firm by the Central Bank, meaning that customers would not be eligible for compensation under the Investor Compensation Scheme if the business were to fold.

The companies are Otis KPO, LLC and the Hannover & Rothschild Consultancy, both based in the US; the Russell Merger Group based in Japan; Eldridge Financial from Switzerland; and the Pinnacle Group based in the UK and Germany.

In a statement, the Central Bank said:

It is a criminal offence for an investment firm to operate in Ireland unless it has an authorisation from the Central Bank of Ireland.

Some 94 warnings naming 179 companies have been issued by the Central Bank since 1998. Already this year more warnings have been issued than in the whole of 2011.

More: Central Bank clarifies rules on contacting borrowers in arrears>

Read next:

Comments (8 Comments)

  • Have nothing to invest and neither does my kids .

    Reply
  • It’s a criminal offence and the Central bank issue warnings, like ” lads ye can’t be doing things like that around here”? Get real guys, bring these people to court if they can find them and that will put an end to their practice of operating without authorisation.

    Reply
  • Dmc 03/05/12 #

    Too bad the Central Bank werent doing their job during the late 90′s and early 0ies. Might not be in this mess now.

    Reply
    • 5 Firms?

      PTSB?
      BOI?
      AIB?
      ACC?
      KBC?
      NIB?
      Irish Nationwide?
      EBS?
      Ulster Bank?
      BOSI?
      First Active?
      Start Mortgages?
      Springboard Home Loans?
      MBNA?
      IBRC?
      NAMA?
      The Irish Government?
      The Financial Regulator?

      Oh sorry,
      I lost count.

      Reply
  • Central bank 2012…”houses are under priced” complete lies….Central bank 2006 houses are overvalued 70% and a property crash one of the worst the world will see is on the way, kids in school in basic home economic classes can see it’s coming…central babk 2006 say “Nothing” “everything is fine”….you see it suits this lots agenda to say what they want to fit there agenda for the government spin. This lot have lost all credibility.

    Reply
  • Too late now. The horse has bolted!

    Reply
  • Thanks God they warned us! It’s not like Irish Government can do something about it. It’s not like they operating illegally in this country. No. This warning is very important. I feel safer now after being warned.

    Reply
  • Central Bank is being ‘cute’ a la Robert Gates who did not not know about arms for hostages in the Iran Contra affair. Further details by searching in Google for ‘RTE Hanna Windle Fagan’

    Cheers

    The Common Informer

    Reply

Add New Comment