Some credit unions not holding AGMs due to concerns

A number of credit unions have not held annual general meetings due to “matters of supervisory concern”, the Public Accounts Committee has been told.

Cork North West TD Aine Collins had told a December meeting of the committee on credit unions that she was aware of one such financial institution that had not held an AGM in three years, which is a source of concern for its members.

“Members are concerned when AGMs are not held. I appreciate the argument about destabilisation. When an AGM is not held, it gets around pretty quickly among the members that there is a problem. It is not open and transparent. We do not want to go back to where we all were a number of years ago, when people did not know what was going on. It is a serious issue,” said Ms Collins, a Fine Gael TD.