The Central Bank today ordered a Cork stockbroking firm to cease trading. The bank said it had become aware of irregularities at W & R Morrogh Stockbrokers and had informed the Garda Bureau of Fraud Investigation.
The Central Bank said in a statement this afternoon it had "imposed a direction on the firm to cease trading with immediate effect".
It said: "The Bank continues to assess the situation and has a team of inspectors on site at the firm." It is said that up to £1 million may be involved.
The last time the Central Bank took such action was in 1998 when it ordered stockbrokers MMI to cease its operations.
