Charleville Credit Union concerns stretched back years

ITS membership of approximately 11,000 is drawn from Charleville, Ballyhea, Newtownshandrum, Ballagran and Effin, taking in parts of Co Cork and Co Limerick, but it seems few knew about the precarious state of Charleville Credit Union’s (CCU) finances.

A report published this week by the Central Bank, explaining the rationale behind its decision to apply to the High Court for the credit union to be wound up, says members were “not aware of its current or recent financial position and have no knowledge of the impact of loan and premises impairment” — notwithstanding widespread media coverage of a potential merger between CCU and Clonmel Credit Union in February 2017.

It was against this backdrop, of the need to prevent “de-stabilising consequences” — such as a run on members’ deposits if its financial position was made public — that Charleville Credit Union had been unable to hold an AGM — the forum where members get to ask questions — since August 2012.