Credit union recorded asset at 63 times value

Mallow Credit Union has refused to clarify how a property asset was recorded in its accounts at being worth 63 times its actual value to the institution.

The credit union’s 2012 financial statement shows a Youthreach building it rents at Ballyellis, Mallow as being worth €400,000.

This figure was said to be on the basis of a valuation by ERA O’Connell auctioneers in October 2012. However, it had already agreed to sell the site for €6,348 to Co Cork VEC.