Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

/Photocall Ireland

Berehaven Credit Union to be liquidated after 'poor governance and lending practices'

The Central Bank says problems at Berehaven resulted in “serious financial difficulties”.

THE HIGH COURT has approved an application by the Central Bank of Ireland to Berehaven Credit Union.

The regulator, which recently became responsible for the oversight of credit unions after a protracted turf war with the Irish League of Credit Unions, said that the union is “no longer viable as a stand alone credit union”.

A statement from Dame Street this afternoon says that “alternative options to resolve the serious financial difficulties at the credit union were examined but were found not to be feasible”.

The statement continues that the credit union had “serious financial difficulties due to poor governance, lending practices and a lack of internal controls”.

It said that the Central Bank had engaged with the union in an attempt to find a solution to the problem “in recent years”.

A transfer bid for Berehaven deposits was received from another credit union, but the financial support required for the move was much more than the cost of the liquidation, which was not opposed by the board of Berehaven Credit Union.

Members’ of the union will receive compensation in respect of their eligible deposits up to €100,000 per person, with payments issuing automatically to the address held on file by the union.

The statement from the Central Bank concludes:

“The Central Bank remains fully supportive of the credit union sector in Ireland and is committed to the continued development of a strong and sustainable credit union sector that meets members’ changing needs and protects their savings.”

Fianna Fail finance spokesman Michael McGrath said that the decision will come as a “shock to savers locally…and is also a sharp reminder of the challenges facing the sector generally”.

He called on the Central Bank to explain why a rescue plan for the credit union, similar to the one enacted for Newbridge Credit Union last November, wasn’t put into place.

He said that the Central Bank needed to provide clarity on what is a viable credit union “in a manner that respects the community-based nature of the credit union movement.”

Read: Gardaí investigating “financial irregularities” at Dublin credit union>

Read: Some credit unions ‘unwilling to comply with the law’ – Central Bank>

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
17 Comments
    Install the app to use these features.
    Mute Niall Dunleavy
    Favourite Niall Dunleavy
    Report
    Sep 12th 2017, 8:59 AM

    No mention of middle lane hoggers? Merge onto motorway, move straight to middle lane, stay there. ( I know it’s probably just m50 with 3 lanes).

    4
    Install the app to use these features.
    Mute John Walker
    Favourite John Walker
    Report
    Sep 12th 2017, 9:17 AM

    @Niall Dunleavy: The article does mention middle lane Hoggeston Niall. It’s rampant!

    3
    Install the app to use these features.
    Mute Hans Maas
    Favourite Hans Maas
    Report
    Sep 12th 2017, 8:21 PM

    And than there are: fog lights on a sunny day, no lights on a overcast, rainy or even foggy day or after sundown.

    2
    Install the app to use these features.
    Mute Hans Maas
    Favourite Hans Maas
    Report
    Sep 12th 2017, 8:12 PM

    Correct use of the motorway requires knowledge of the rules of the road in the first place and in second place some road engineering expertise. The most blatant and stupid violations of the rules of the road are: the right of way rules which absolutely no-one and that includes the poor excuses for rule enforcers ( the guards), parking on zebra crossings, parking on corners, bullying with the car as a weapon, ridiculously engineered round about a an junctions, and last but by no means least the absolute ignorance and sheer bad attitude and lack of consideration for other road users especially cyclists and pedestrians.

    4
    Install the app to use these features.
    Mute Hans Maas
    Favourite Hans Maas
    Report
    Sep 12th 2017, 8:17 PM

    And where in the rule book does it say that putting on your hazard lights gives you the god given right to double park, illegally park or just block the road?

    2
    Install the app to use these features.
    Mute mr non snowflake
    Favourite mr non snowflake
    Report
    Sep 12th 2017, 6:36 PM

    If people were to drive correctly there would be very traffic issues on the M50.

    2
    Install the app to use these features.
    Mute mr non snowflake
    Favourite mr non snowflake
    Report
    Sep 12th 2017, 6:39 PM

    Putting on your indicator by the way, does not give you the right of way. If you hit another vehicle already in that lane you are cutting into, you are at fault.

    1
    Install the app to use these features.
    Mute Old Gabby Johnson
    Favourite Old Gabby Johnson
    Report
    Sep 12th 2017, 7:27 PM

    @mr non snowflake: snowflake

    1
    Install the app to use these features.
    Mute Hans Maas
    Favourite Hans Maas
    Report
    Sep 12th 2017, 8:26 PM

    @mr non snowflake: you are at fault? According to whom the guy with the biggest mouth? The best lier, the cutest solicitor? When no one knows the rules including the so called law enforcers than the one at fault is always the one with the who is the least assertive.

    1
    Install the app to use these features.
    Mute James William Burke
    Favourite James William Burke
    Report
    Jul 29th 2020, 11:03 AM

    Overtaking on the Motorway, then pulling right in front of you as they lose their nerve, forcing you to drop back to safe distance. Happens constantly ;-(

    1
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds