Last updated 16/03/2016
The Central Bank of Ireland has made a determination regarding Asset Management Trust Limited (AMT) in accordance with section 31(3) of the Investor Compensation Act 1998 (as amended) (the Act) which has taken effect as of 29 February 2016. The Central Bank has appointed Mr Des Ritchie, of the Central Bank, as Administrator to AMT, for the purposes of the Act, to assess and certify claims for compensation made by the clients of the firm.
As AMT was a member of the Investor Compensation Scheme, eligible investors of the firm that incurred losses may be entitled to compensation. The ICCL will pay clients 90% of the money they have lost, however the most the ICCL will pay each investor is €20,000.
Losses caused by a fall in the value of investments because of market or other economic events are not compensatable by the ICCL.
Claims will be paid from a fund that the ICCL has built up over a number of years from contributions paid by the investment industry.
The statutory deadline for clients of Asset Management Trust Limited to apply for compensation under the Investor Compensation Act 1998 passed on 27 July 2016, however clients may, in exceptional circumstances, still apply for compensation (see below).
Can I still make a claim for compensation?
- The ICCL continue to accept claim application forms, however, claimants are required to include a written reason for the delay when submitting a claim application form to the ICCL.
- Please contact the ICCL directly to request a claim application form.
- Under the Act, all late claims (i.e. received after the statutory deadline, in the case of Asset Management Trust Limited - after 27 July 2016) require Central Bank approval to be admitted to the claims process.
- The Central Bank of Ireland will have to be satisfied that the claimant was unable to make the claim in advance of the statutory deadline before the claim can be admitted by the ICCL.
Where can I get further information on claiming compensation?
Click here to read the ICCL's information booklet for private investors "claiming compensation when an investment firm fails".
I am a client of AMT, when can I expect a decision in relation to my claim application?
The Act requires that certified claims are paid within three months of the certification of the claim by the Administrator. At this stage it is difficult to estimate the period of time that may elapse before the Administrator has sufficient evidence to certify a claim. However, once certified the ICCL plans to make payments within two weeks of certification.
I have a query about AMT – who should I contact?
Further information on the operation of the scheme is available in the information booklet for investors available from the Publications section.
All other queries can be directed to email@example.com or 01-224 4955.