Mitchelstown Credit Union warned about stability

The Financial Regulator has warned a credit union in Cork that its financial stability is under threat.

The credit union, based in Mitchelstown, which has 17,000 members and assets of €100m, has been ordered to cease all business trading.

Reports this morning say the Registrar of Credit Unions, Brendan Logue, warned the board of the credit union it would have difficulty after a run on members’ savings took place last year.