The Covid pandemic is causing further delays in the already lengthy process of compensating more than a thousand victims of the collapse of Custom House Capital.
Many investors, who suffered a combined €61m loss, now face a tenth year of waiting to get at least some of their money back from the state’s compensation scheme.
The complex and lengthy liquidation of Custom House Capital has been running since 2011.
The State’s Investor Compensation Company (ICCL) is responsible for compensating clients when regulated firms collapse. Its latest annual report shows the process of compensating more than 2,000 Custom House Capital victims has ground to a virtual standstill.
Investor Compensation Company rescue fund needs more backing | Ireland
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Covid latest reason for delaying Custom House victim refunds
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Investor Compensation Company s reserves up nearly 6%
Updated / Friday, 11 Dec 2020
12:04
Accumulated reserves at the state s investor compensation fund rose nearly 6% over the last year.
The annual report of the Investor Compensation Company (ICCL) shows that at the end of July, the body held €65.2m, up from €61.6m a year earlier.
However, the €3.5m surplus accumulated over the past year was down €803,000 on the previous year.
The ICCL is a statutory body, which was set up to compensate the eligible clients of investment firms which have failed in circumstances where the remains of those companies cannot return clients money to them.
It funds itself by collecting levies each year from around 3,100 participating investment companies, building up its reserves in the process.