Liquidators appointed to Charleville Credit Union

Provisional liquidators have been appointed by the High Court to a North Cork credit union due to its distressed financial position.

Charleville Credit Union is not insolvent but various efforts since 2007 to deal with its problems have not been successful, the court heard.

Central to those problems was its failure to bring reserves up to the regulatory requirement of 10% of assets. Its reserves were just 3.5% last June.