Update: Marketspreads Allowed to Make Payments

Are the spread betting company's clients about to get some money back? According to an announcements from the Irish Central Bank, which suspended the operations of financial spread betting firm Marketspreads last week, the restrictions imposed upon the company will be slightly relaxed and the company will be allowed to release between Euro 5 million and Euro 10 million in cash to clients. It has been specified by Marketspreads' management team that they are working hard on correcting the questionable actions taken by the previous owners, adding that they have also secured a judgment against former directors Brian O'Neill and Fergus Rice for the diversion of Euro 1.68 million to another business. Since the beginning of the crisis, Marketspreads has managed to get a pledge to increase the company's capital adequacy by Euro 2.5 million. According to the bank, "Following an independent third-party review of client assets, the Central Bank is amending the direction on Marketspreads to allow for the repayment of client assets. The firm is still suspended from carrying out investment services until such time as it addresses our concerns about its financial statements and capital position." Furthermore, it has been stated by Marketspreads that its 2010 accounts are being fast-tracked and will most likely receive a clean audit. They said they should be ready by April 23.