Groups set to probe Morrogh collapse

FINANCE Minister Charlie McCreevy has established two working groups to examine the collapse of stockbroking firm W&R Morrogh, three years after the firm collapsed.

As much as 16 million in shares and cash held by the Cork firm remains tied up in a legal and receivership process which could eat up to 35% of the funds owed to Morrogh investors.

Yesterday, Mr McCreevy disclosed the terms of reference and the membership of the two working groups established to investigate the fallout. The groups will make recommendations to “ensure similar occurrences will not take place again”.