Merrion in 50pc drop

THE stockbroking arm of Dublin finance house Merrion suffered a 50pc collapse in revenue last year.

The drop came amid turbulent market conditions and collapse in the Irish economy.

The latest accounts show that a significant amount of business has fallen back in Merrion Stockbroking, as 2009's income of €16.6m trailed the €33.5m enjoyed in 2008.

The year also saw the introduction of a €700,000 charge for legal claims that may arise in the future, reflecting the level of suits being brought against stockbrokers.

Bosses succeeded in keeping the firm in the black, but pre-tax profits fell from €7.9m to €3.6m. Merrion responded to the harsh environment with severe cost reductions.