An Irish investment operation has become the latest company to suffer a serious setback as a result of the international credit crisis.
International Securities Trading Corp postponed its results, suspended trading in its shares and cancelled raising money by issuing a bond.
The company has also taken a once-off charge of €70m to its accounts after the value of its assets were downgraded.
It is the first time an Irish institution has faced significant difficulties as result of the international financial chaos.
ISTC is a small specialist operation two years ago by former Anglo Irish Bank executive Tiernan O'Mahony, which lends money to other financial institutions.
According to reports its investors include Denis O'Brien, developer Paddy Kelly, Anglo Irish Bank chairman Sean FitzPatrick and Smurfit chief executive Gary McGann and glass-to-insurance tycoon Sean Quinn.
ISTC's shares are listed on the grey market as opposed to the main Dublin Stock Exchange.
In a statement, ISTC said 'The turmoil experienced in financial markets since July last is unprecedented, and has represented one of the most difficult and challenging market environments experienced by the banking sector over the past 30 years.'
