Tiarnan O’Mahoney and Bryan McSharry have launched Moneycorp Ireland, a branch of the UK based foreign exchange and money services group.

A statement today said that the Irish business will initially employ ten staff in its Dublin dealing room.

Moneycorp Ltd, in operation since 1979, transacted more than €12 billion in currencies last year, and employs 600 people in four countries.

The company said it expects to see strong demand for its foreign exchange services in the Irish market, which is estimated to be worth about €175 billion each year.

Tiarnan O’Mahoney led Anglo's Irish Bank's treasury division from 1985 to 2005 when he left after failing to become chief executive after Sean FitzPatrick.

He then set up ISTC, a debt finance specialist firm, which was the first Irish victim of the financial crisis when it collapsed with debts of €850m in November 2007.