IRISH and European Securities, the share dealing operation based at 27 Lower Baggot Street, Dublin, has closed down its business.

Mr Stephen Beardmore, director of Irish and European, has written to clients stating: "It is with much regret that we now inform you that, as of close of business on 27th September, 1996, Irish and European Securities will cease to carry on business and hence will no longer be in a position to deal in, give advice about, or provide any other service in stocks and shares.

"As we have confirmed to the Central Bank, the company will effect an orderly wind down of its affairs and to this end a nominal back office presence will be kept on to ensure that all share certificates are supplied. The Market Monitor International will suspend the publication, and all current subscribers will receive a refund of the unused portion of their subscriptions.

Irish and European was one of the most recent investment advisers to come on the Dublin scene, but it had no authorisation from the Central Bank and was not regulated by the Irish Stock Exchange.

This meant that it was not a stockbroking firm and could not deal with market makers. It had to use a stockbroker. In its latest accounts filed, the company was shown as having a net worth of £7,117 for its first year of trading.

The company specialised in shares on the London Alternative Investment Market, and the stocks which it promoted were usually small and difficult to deal in lots of any size.

One of the shares which it recommended was a company called Telecom Credit Europe, which has since changed its name to Meteor Ltd. This stock was floated at 20p sterling in May 1995 and it achieved its high of 52.5p last March after a written share recommendation from Irish and European Securities in February 1996.

Then there was a retrenchment in the share price and Irish and European recommended it at between 35p and 40p last April. By June 28th the price was back up at 51p but it slipped back to 26p on August.