One more thing:The financial year of the Tiarnan O'Mahoney-led International Securities Trading Corporation (ISTC) ends today and we hear the company expects to hit its €15 million pre-tax profit target set in May in spite of the recent credit crunch that is affecting the financial sector.

August is traditionally a quiet month for the company so the recent turmoil in the financial markets has had a negligible impact on ISTC's bottom line.

O'Mahoney is also believed to be pushing ahead with plans to float the company in Dublin and London in late 2008.

ISTC does not plan to raise new funds as part of the listing process. ISTC raises debt finance from the capital markets and lends it on to regulated financial institutions.

The recent credit crunch has naturally knocked its business with few banks looking to raise capital at present.

Market watchers expect a quiet start to ISTC's new financial year and its 2008 performance will hinge on a recovery in confidence in the financial markets.

One benefit of the recent credit crunch for ISTC should be higher margins going forward on any funds loaned out, although the company will also have to pay more for any money it borrows. ISTC's shares are traded on a grey market operated by Goodbody Stockbrokers and, like many other financial institutions, its stock has nosedived recently.

Having traded at €328 each in May, the shares are now changing hands for €260 each.

That's a 20.7 per cent decline in value, although the shares were originally floated at €100 each in July 2005.

O'Mahoney's own holding in the company has declined in value by about €19 million to around €74 million.

All will become clearer in mid November when ISTC publishes its full-year results.