THE NUMBER of investors in the failed Dublin firm Custom House Capital making claims to the Investor Compensation Company has increased to 20 a day this week as the deadline for applications approaches on March 23rd.

The chief operating officer of the company, George Treacy, told The Irish Timesthat the number of applications received for claims from the firm's customers has risen to 1,122. Custom House had about 1,500 customers in total.

The Investor Compensation Company will pay compensation to eligible investors on 90 per cent of the money they have lost up to a maximum of €20,000.

“The deadline for submission of claims is fast approaching and we urge all clients of CHC who have not already submitted application forms to do so without delay,” said Mr Treacy.

Custom House Capital was put into liquidation by the High Court last year after Central Bank inspectors discovered that €66 million of client funds was misused to cover shortfalls on the company’s European property investments.

This figure has since risen to more than €90 million after it merged that proceeds from the sale of five properties in Europe and rental income from other properties had also been siphoned off.

Mr Treacy, who was one of two inspectors appointed by the court to investigate the company, said that it was difficult to say when investors would find out if they were eligible for compensation.

The fund is only open to retail investors, not professional investors, he said, while investors in the company’s property schemes may not be eligible though they could be compensated if their investment was made through products such as Personal Savings Retirement Accounts, said Mr Treacy.

He said that the company hoped to pay compensation to investors who significantly out of pocket as a result of last year’s failure of Custom House Capital quickly.

The Investor Compensation Company is managed under the auspices of the Central Bank and has one fund of €21 million from which compensation will be paid to Custom House Capital clients.