External review into credit union thefts ‘needed’

Revelations that more than half a million euro has been stolen from accounts in two Cork credit unions should lead to an external review of the governance of both institutions.

That’s according to financial adviser and consumer champion Eddie Hobbs who said the revelations relating to Gurranabraher Credit Union and Synergy Credit Union in Fermoy showed a “clear failure” of internal auditing.

Earlier this week, it emerged a credit union staff member was dismissed after the discovery of alleged financial irregularities of up to €200,000 at Gurranabraher Credit Union.