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03/03/2009
Credit Union Hits Back At Stability Warning
Mitchelstown Credit Union in Cork has refuted accusations that its stability is under threat.
The credit union, one of the largest in the State, has told its members it is solvent and that all monies are safe.
The move follows a warning from the financial regulator that the credit union's financial stability is under threat.
Yesterday it emerged that the institution, which has 17,000 members and assets of €100m, had been ordered by Financial Regulator's Registrar of Credit Unions, Brendan Logue, to cease all business trading.
According to reports published today, Mr Logue wrote to the credit union saying: "A run on members savings took place last year and it is clear that the credit union would have difficulty surviving a repeat of this.
"You advised us that no contingency plan exists to deal with any of the potential threats to the credit union and this is a matter of great concern."
An independent inspector has been appointed to look at the institution's €35m loan book because of concerns about administration, lending practices and provisions for bad debts.
(DW/BMcC)
The credit union, one of the largest in the State, has told its members it is solvent and that all monies are safe.
The move follows a warning from the financial regulator that the credit union's financial stability is under threat.
Yesterday it emerged that the institution, which has 17,000 members and assets of €100m, had been ordered by Financial Regulator's Registrar of Credit Unions, Brendan Logue, to cease all business trading.
According to reports published today, Mr Logue wrote to the credit union saying: "A run on members savings took place last year and it is clear that the credit union would have difficulty surviving a repeat of this.
"You advised us that no contingency plan exists to deal with any of the potential threats to the credit union and this is a matter of great concern."
An independent inspector has been appointed to look at the institution's €35m loan book because of concerns about administration, lending practices and provisions for bad debts.
(DW/BMcC)
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