Trust in Central Bank threatened

THE trust and confidence Irish investors hold in the Central Bank will disappear for good, if the issues surrounding the insecure status of shares held in trust are not resolved, it was claimed last night.

The Morrogh Investment Action Group (MIAG), in an open letter to Finance Minister Charlie McCreevy, Central Bank Governor John Hurley and Irish Stock Exchange chairman David Kingston, say they have been shamelessly treated like abject mendicants since W&R Morrogh, formerly of 74 South Mall, Cork, went into liquidation with a shortfall of more than €10m in April 27, 2001, ending an unbroken Morrogh family business dating back to 1887.

The MIAG are furious that more that 3 million will be taken from their personal investments in public companies held in trust by the defunct brooking house to pay the fees of receiver Tom Grace of PricewaterhouseCoopers.