€40m paid back to members of credit union

Members of a Cork credit union that is currently in liquidation have been paid back nearly €40m of their deposits with the institution, which reopened its doors this week.

David O’Connor and Jim Hamilton of BDO were appointed as joint provisional liquidators to Charleville Credit Union in the High Court last month, on foot of an application by the Central Bank which said the Cork institution was in a distressed financial position.

While the credit union had closed its doors after the appointment of the liquidators, it reopened on Wednesday with limited operations.