Inquiry into Rush credit union can’t find winners of 15 cars; liquidators appointed over insufficient cash reserves

The High Court has agreed to appoint liquidators to Rush Credit Union, which is insolvent to the tune of €2.2m.

The Central Bank has this evening revealed that the credit union, which covers Rush and Lusk in Dublin, would have needed close to €5m in extra funds in order to meet its legal requirements for minimum reserves.

It also revealed that an inquiry by Grant Thornton has failed to locate the winners of 15 previous car giveaways, which have cost the union more than €220,000 since 2012.

The report says the union funded the draws through unauthorised deductions from members' accounts, without their knowledge or consent.