Credit union financial probe will take months to finish, say gardaí

An ongoing investigation into alleged financial irregularities at a Cork Credit Union involving funds of up to €200,000 will take “months” to conclude, according to gardaí.

In May, the Irish Examiner revealed that an internal probe uncovered financial irregularities at Gurranabraher Credit Union, and that the investigation led to the dismissal of a member of staff.

Gardaí are investigating the alleged irregularities in a separate inquiry, but this probe is still some way from completion.

“The investigation at Gurranabraher Credit Union is ongoing,” a garda spokesperson said.

“However, it is complex and may take a number of months to complete. The investigation is at an advanced stage. A suspect has been identified and interviewed in relation to this investigation. A file is currently being prepared for submission to the DPP.”

In a statement issued when the alleged irregularities came to light, Gurranabraher Credit Union said it is insured to cover such matters and that said none of its members has been exposed to a loss as a result.

“Gurranabraher Credit Union is a financially strong and stable credit union, with over €96m in assets,” the credit union said at the time.

Meanwhile, gardaí say its investigation into matters at a credit union in Fermoy is also still in progress.

The Irish Examiner revealed that over €400,000 was taken from members accounts in Synergy Credit Union, with the news emerging just a week before the alleged irregularities at Gurranabraher came to light.

In the Synergy Credit Union annual report for 2016, chairman Denis Granville confirmed “unauthorised transactions” had occurred.

It emerged that these transactions took amounts totalling €407,442 from 29 accounts, and that the cost of the credit union’s own investigation and legal fees came to over €160,000.

“All accounts have been replenished to their correct balances with no member incurring any financial loss. The credit union has insurance in place and notification has been made to the insurers on the matter,” Mr Granville told members.

He added that the institution expected its insurance would cover the accounting and legal fees In a statement to the Irish Examiner, CEO of Synergy Credit Union Martina Cotter said all accounts affected had been “replenished” and “all appropriate steps were taken to resolve the matter swiftly”.

Gardaí told the Irish Examiner that its own investigation into the Synergy Credit Union case has yet to conclude.