Savvi CU fined over pay and breaking loan rules

The Central Bank said it has slapped a fine of €185,500 on Savvi Credit Union, one of the country’s largest credit unions, after investigating that it paid a director and breached long-term lending guidelines.

The reduced fine that was originally much larger at €265,000 came after the regulator found the credit union paid travel expenses that exceeded €28,341 the Civil Service rates. The payment was deemed as paying a director, which is prohibited.