Mortgage lender Finance Ireland is to cancel its stock market listings on London's AIM and Dublin's IEX markets. It described the costs linked to the listings - €300,000 last year - as a 'significant burden'.
The company earlier this year took its Lifetime Mortgage products off the market temporarily due to the credit crisis, as higher interest rates made it more difficult for financial services firms to raise money. The Lifetime products allowed older people to raise money using their home as a security for the loan.
Finance Ireland said it had now 'dramatically' reduced its costs, and was continuing to look for new business opportunities in niche financial services areas.
It said it did not believe the proposed cancellation of its stock market listings would interfere with the resumption of the mortgage business or any possible buys. A statement said the directors may look at re-listing the shares when conditions improved.
It added that there was 'little prospect' of raising funds through either market in the current conditions. The decision is subject to approval by shareholders.
