Liquidators appointed as ‘all options exhausted’

-Difficulties ongoing since 2010

The Central Bank had been made aware in 2010 of difficulties at Berehaven Credit Union, which was founded in 1978, counsel for the Central Bank, Patrick Gallagher, told the High Court yesterday.

Mr Gallagher said a report revealed irregularities with the credit union’s corporate governance, relating to its lending practices and reporting irregularities. There was a concern loans to connected parties were not being reported properly to the Central Bank’s Registry of Credit Unions (RCU).