The Investor Compensation Company has recorded a surplus of €4.8m for the year to the end of July.

The company was set up to compensate eligible investors should an investment firm authorised here go bust. 

It is funded through annual levies it collects from investment firms and intermediaries to build up reserves from which compensation can be paid and is not funded by the state.

The ICC pulled in levies of €6.4m in the year bringing accumulated reserves to €52.8m.

This includes €5m from large investment firms - such as banks and stockbrokers - and €1.4m for smaller investment firms including insurance brokers, retail intermediaries and accountants.

The biggest failure of an investment firm since the ICC's establishment was Custom House Capital where total investor losses came in at €56m.

Compensatable losses of €20m have been fully provided for in the ICCL accounts.

The ICC also said today that it had received no claims from members of Rush Credit Union, after the appointment of joint liquidators last year.

In today's annual report, ICC chairman Jim Bardon said the company's available resources are now approaching the medium term target of €60m. 

"When these are taken in conjunction with existing insurance arrangements, the ICCL is well placed to discharge potential compensation liabilities that would arise from the failure of any large investment firm," he added.

Mr Bardon noted that progress in the certification of claims for Custom House Capital has continued to be slow. 

But he added that the company's liquidator has now provided an outline timetable for the completion of the outstanding work in the liquidation, with most of this now expected to be concluded within the next 18 months. 

"I can assure the CHC investors involved that the company remains committed to seeking the acceleration of the claims process and that on receipt of certifications, the ICCL will arrange for payment of compensation promptly," he added.