Decade of concern over Charleville credit union

The practices at Charleville Credit Union (CCU) that led to the appointment of a liquidator have been causing concern for over a decade, beginning with a 2007 inspection by the Registrar of Credit Unions (RCU), which found its top 100 loans accounted for 42% of all borrowings.

An independent review conducted at the RCU’s request in 2007 revealed a list of “large business/property-related loans” to 10 members, amounting to €4.1m, or almost 10% of the total loan book.

Most of these loans were not meeting their scheduled repayments.