Gardaí probe €1m credit union loss
The main focus of the Garda probe is external to the credit union, while the Financial Regulator is examining the circumstances which lead to the credit union becoming exposed to such a large loss.
A spokesperson for the Financial Regulator’s Registrar of Credit Unions, Brendan Logue, said the regulator is aware of the situation at Waterford Credit Union.
“We do not wish to comment any further at this time because there is a Garda investigation in progress and we do not want to interfere with this in any way,” the spokesperson for the regulator said.
Waterford Credit Union president Mary Leamy Power told the Irish Examiner she would respond to queries put to her, but had not responded by the time this newspaper went to print. The Irish League of Credit Unions (ILCU) said they are aware of the issues at Waterford Credit Union
“However, these difficulties have been identified, and the relevant authorities have been notified and are investigating the matter. We are satisfied that the appropriate action in relation to this issue has been taken by the board.
“We are not in a position to comment any further other than to say that this is an isolated incident and we would also take this opportunity to advise our members of that credit union that their savings, deposits and accounts generally are in no way affected by this issue,” the ILCU said.
Waterford Credit Union was established 1963 and is regarded as one of the most progressive in the country. In 2007 Waterford Credit Union became the first credit union to have access to bank national clearing systems.
The credit union has more than 30,000 members and its 2008 AGM was informed that its shares and deposits position amounted to €159.46 million.
