Credit union ‘loaned €2m in breach of policy’

ONE of the country’s biggest credit unions granted almost €2 million in loans in breach of its internal lending policy, according to evidence produced before the High Court yesterday.

The former manager of Gurranabraher Credit Union, Alec Good, yesterday denied he had approved 639 loans totalling €1,187,684 for which there were no authorised signatures on the loan applications.

In addition to this money, a report exhibited in court as part of the affidavit of the credit union’s honorary secretary, Teresa O’Sullivan, showed further transactions totalling €777,493. They included: