About €700k unaccounted for in credit union’s funds

Members of a credit union in Co Dublin have been assured they can continue to avail of the financial institution’s services, despite reports of about €700,000 unaccounted for in the branch’s funds.

The Central Bank yesterday confirmed the board of Rush Credit Union Limited “has appointed an external firm of accountants to carry out an independent financial review on its behalf”.

“The Central Bank is aware that the review is taking place and is working with the credit union. Members should continue to use the credit union’s services as normal,” a statement read.

The Irish League of Credit Unions said members of the Rush Credit Union should be assured it is “fully insured to deal with such matters”.

“The credit union has identified an issue,” a spokesperson said. “As the matter is currently being investigated we cannot comment in any great detail other than to say that the credit union is working extremely hard to ensure that this matter is dealt with swiftly.

“The credit union has written directly to members on this issue. We would like to reassure members that no credit union funds will be affected by the incident and that the credit union is fully insured to deal with such matters. Operations at Rush Credit Union have not been disrupted and members can do business with the credit union in the usual way.”

Rush Credit Union said it appointed Grant Thornton to carry out an independent review last February “following the identification by the board of a transaction requiring examination”.

It added: “The external review process is nearly complete and a report is being prepared for the board. The Central Bank and the Garda Síochána were informed of the situation some time ago.”


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