ONE MORE THING:LATEST ACCOUNTS were filed this week for Merrion Capital, which is led by John Conroy (right), and they provide some detail on the restructuring of the business that has taken place in the past 12 to 18 months.
“Dividend approved” in 2010 amounted to €21.5 million. I understand that this relates, in part at least, to funds paid to shareholders who departed the business as it slimmed down its stockbroking activities.
Merrion made a loss of about €3 million last year, reflecting the costs of reshaping the business, which saw about 35 staff leave. Sources tell me the business is currently operating at around breakeven.
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Such is the rigour being applied by the Central Bank to the fitness and probity tests for bank directors here, that I’m told one eager director turned up with their Leaving Cert results. It will be the middle of next year at the earliest before they find out if they have passed this latest examination.
