The process of compensating former clients of the collapsed Custom House Capital (CHC) has concluded.
That's according to the annual report of the Investor Compensation Company (ICCL), a statutory body set up to provide compensation to eligible clients of failed investment firms, where the companies are unable to return client money and/or investments belonging to them.
CHC was wound up in 2011 following substantial misappropriation of client investments, estimated at over €62 million by its liquidator.
It was the largest failure of an investment firm ever dealt with by the ICCL.
Over 2,340 claims were received by clients seeking compensation and ICCL said all of those have now been certified, for a total of €11.9m.
"No additional claims are anticipated," ICCL said.
"At this time, over 95 per cent of certified claims have been settled which equated to compensation payments totalling €11.5 million being made by the Company, with the remaining claims involving uncontactable claimants or where required declarations are outstanding."
Also this year the ICCL began involvement with the case of BlackBee Investments Ltd.
It had joint official liquidators/administrators appointed to it by the High Court in May.
The ICCL said it has invited claims from all 2,040 clients of the firm and so far 1,300 have been received.
"As the investigations by the Liquidators into the firm are ongoing, it is unknown if compensatable losses will arise for clients," the ICCL said.
"The ICCL will continue to engage with the Liquidators to ensure that certification of any losses arising is advanced as speedily as possible."
The ICCL recorded a surplus of €9.6m in the year to the end of July, up €4m on last year.
At the end of January it held accumulated reserves of €97.8m, but since then the figure has risen to €103.8m.
2,953 investment firms were participating in the scheme, which required them to pay levies.
