High Court refuses to hear legal row between Central Bank and ILCU in private

The High Court has refused to hear a legal row between the Central Bank and the Irish League of Credit Unions in private.

The Central Bank had argued that the court case should be conducted away from the public gaze because it involves commercially sensitive information that could have implications for the financial stability of credit unions.

The ILCU are challenging directions issued by the Central Bank to Maynooth Credit Union over the adequacy of its reserves.

The credit unions opposed the move to conduct next February’s hearing in camera.