An ongoing investigation into alleged financial irregularities at a Cork Credit Union involving funds of up to €200,000 will take “months” to conclude, according to gardaí.

Revelations that more than half a million euro has been stolen from accounts in two Cork credit unions should lead to an external review of the governance of both institutions.

Gurranabraher Credit Union (GCU) is the second credit union in Cork in less than a week to confirm it has referred investigations to both the gardaí and the Central Bank.

A credit union staff member has been dismissed after the discovery of alleged financial irregularities of up to €200,000.

More than €400,000 was stolen from member accounts in a Cork credit union in a series of “unauthorised transactions”.