Credit union opens in Castletownbere following protest

A credit union has opened in Castletownbere, Co Cork, less than a week after people took to the streets to protest at the closure of its predecessor.

Bantry Credit Union agreed to open a satellite service in Castletownbere and has rented the offices of the old Berehaven Credit Union from the court-appointed liquidator.

In addition, the Central Bank confirmed that €11m worth of deposits have already been refunded to 3,500 members of the failed institution.

These payments can be lodged into new accounts in the Bantry Credit Union.

The service opened up yesterday and was welcomed by those who had feared the loss of a community-based institution from the Beara peninsula.

Local Fine Gael TD Noel Harrington said it was a very positive move so soon after the Central Bank secured an order to wind up the old Berehaven facility.

“This represents the first stage in reinstating a fully functioning credit union presence in Castletownbere,” said Mr Harrington.

“It is a welcome and quick development following the winding up of Berehaven Credit Union by the Central Bank on Wednesday 23rd July last.

“Thankfully, 85% the 3,500 members of that credit union received their savings, by cheque, just one week after the closure, and the remainder will issue over the coming days.”

In a statement yesterday, the Central Bank said Bantry’s decision to open a sub-office in the former Berehaven building was done with the agreement of the liquidators.

It also said that, following its announcement on Thursday that €10m had been paid out to 3,100 members from the State’s deposit guarantee account, a further 400 accounts had been settled since then.

This settlement resulted in another €1m in cheques being sent out.