The Central Bank is happy with the account settlements arrangements at BCP Stockbrokers and there is no question whatsoever over the broker's financial stability, BCP's chief executive has stated.

Mr Martin Kane, speaking to The Irish Times a day after the broker disclosed it had ceased taking on new accounts at the direction of the Central Bank, said BCP had taken on more new clients in the first quarter of the year than it would take on in a normal 12-month period.

"Historically we have never had a minimum threshold for a new account, but then Fexco stopped taking on new accounts and other stockbroking firms began imposing minimum thresholds up to £20,000 [€25,412] for new clients," said Mr Kane. "This led to an exceptional level of inflows to BCP and it did put pressure on our staff. We tried to continue with not imposing a threshold on new accounts but in the end we had to impose a £5,000 minimum to try to reduce the inflows. The Central Bank said, however, that it would be more prudent for us to accept no new business. We don't like turning away new business but this will give us a period of respite," he said.

"With hindsight, maybe we should have considered imposing a £20,000 threshold last January," he said, adding that BCP's business increased by about 30 per cent in January and February.

Mr Kane emphasised that the Central Bank was perfectly happy with BCP's account settlements arrangements. "The 10 Irish stockbroking companies are ranked regularly by their settlement performance. We have always been in the top five and were fourth in the most recent list," he said.

Commenting on the timing of the announcement - late on the Thursday before a bank holiday weekend and almost two weeks after the moratorium on new clients came into effect - Mr Kane said: "We weren't forced to make a statement, but any statement had to be agreed with the Central Bank and it took a fair amount of time to get it agreed. In the circumstances, I don't think there was any untoward delay."