Fintech

EML must continue to engage with Central Bank despite Irish arm’s liquidation

Provisional liquidators have been appointed to Prepaid Financial Services Ireland

Noel and Valerie Moran, founders of Prepaid Financial Services Ireland: criticised EML’s handling of an investigation into the company. Picture: Bryan Medae

EML, the Australian fintech which last week moved to wind down its troubled Irish business, will have to continue to work with the Central Bank to address deficiencies uncovered by the financial regulator.

The news comes as Noel Moran, who with his wife Valerie founded Prepaid Financial Services Ireland in 2008, criticised EML’s handling of an investigation into the company, and the remediation programme forced on the company afterwards by the Central Bank.

Accountants Andrew O’Leary and Kieran Wallace of Interpath Advisory were appointed as provisional liquidators to Prepaid Financial Services Ireland following a court application last Wednesday.