A businessman has been before Dublin District Court charged with insider dealing, in what is the first prosecution of its type in the history of the state.

62 year old Declan Service, from Portrush in Co Antrim, was released on bail and will be back before the court in September.

Mr Service was arrested in September last year as part of what was described as an extensive investigation by the Garda National Economic Crime Bureau.

This followed a report from the Central Bank.

This morning he was arrested by appointment at the Bridewell garda station and brought to the district court charged with two counts of engaging in insider dealing.

The offences are contrary to market abuse regulations and the 2014 companies act and relate to using inside information to acquire or dispose of financial instruments for a person's own benefit or the benefit of a third party.

They are alleged to have occurred between May 18 and May 22, 2020.

Detective Garda John Farrelly told Judge Treasa Kelly that when the charges were put to him, Mr Service replied "not guilty".

There was no objection to bail. Mr Service's solicitor, Jonathan Dunphy, said there was consent to an extended adjournment.

The judge noted that the DPP had directed a trial before a jury in a higher court.

She remanded Mr Service on his own bond of €300.

He is due back in court again on September 8 when a book of evidence is due to be served and he may be sent forward for trial in the Circuit Criminal Court.