herald

Monday 23 October 2017

Court winds up credit union

THE country's millions of credit union members were urged not to panic and pull money out of their accounts after courts ordered the first wind-up of a locally-owned lender.

Berehaven Credit Union is to be liquidated and its assets sold off.

Its 3,500 members will have their €11m in savings paid out of a State compensation fund.

The move prompted massive worries for the close to three million members in 386 credit unions. There is total savings of €11bn in the all credit unions.

The Central Bank, which asked the High Court to wind up Berehaven, said: "The appointment of the provisional liquidator to Berehaven Credit Union does not have any impact on members' savings in any other credit union."

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