Irregularities see Bloxham close after 150 years

A Central Bank probe that uncovered an overstating of earnings and insufficient capital reserves at Bloxham Stockbrokers has brought 150 years of financial trading to an end at Ireland’s oldest securities firm.

The company confirmed yesterday that inaccurate reporting had been going on for a number of years but it was only last Thursday that Bloxham told the Central Bank it didn’t meet the minimum capital requirement of €5.8m. It is understood the shortfall is between €4m and €5m.

“The impact on the firm is that it that it no longer holds sufficient capital to meet the licensing requirements of the Central Bank to carry on trade as a stockbroker,” a spokesperson for Bloxham said.