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THE CENTRAL BANK has successfully applied to have Killorglin Credit Union (KCU) transferred to Tralee Credit Union.
The Central Bank sought the transfer, which came with the support of the current board of Killorglin, because the credit union was no longer viable as a stand-alone entity.
The Central Bank says the transfer was undertaken to “protect members’ savings and ensure continued access to credit union services within the community”.
In its resolution report on the credit union, the Central Bank says that KCU needs additional capital of €3.1 million just to meet its regulatory minimum of reserves. It says the financial situation at KCU has been deteriorating since 2010.
An affidavit to the High Court by Patrick Casey of the Special Resolution Unit of the Central Bank says that “[p]oor lending and inadequate credit controls during the period prior to June 2010″ were particularly to blame.
It says that between November 2008 and early 2010:
KCU granted a large number of substantial loans to members with terms that provided for a moratorium on all payments of interest and capital for a period of five years and which, upon maturity, required a single bullet payment of all rolled up interest and capital (known as “bulk loans”).
KCU had made no bad debt provision for these loans, it was found.
It says that the premises in Killorglin had been valued at €5.4 million at the height of the property boom but were now worth just €450,000.
Killorglin is a small credit union that has around €1.9 million in loans.
The Central Bank says that day-to-day operations will not be affected, and has answered members’ queries here.
In a statement, the Central Bank says:
“All services, including savings and lending facilities, continue to be available to all members of the credit union from its normal premises, which will open as normal tomorrow. Killorglin Credit Union will now operate under the management of Tralee Credit Union Limited.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. The Central Bank continues to work with credit unions in difficulty to resolve issues appropriately as part of our programme of work.
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May the force be with them as there is a great chance the weather won’t be.
Wrong you be. Forecast sunny it be next few days.
How often is the weather forecast right Meehawwl… We often get all 4 seasons in one day lol
I’m just going by Met.ie….and I’m assuming Lucasfilm probably employ some meterological Yoda too. Too much money involved etc.
it is sunny here in Dingle
Cynical is the force within you, young Cheryl.
Sure it’s only lashing here in Athlone and the sun was shining 30mins ago :-)
Epic film this will be.
This will have a positive impact on tourism for many years to come.
They said the same about Tunisia Al.
Is there a gunman rampaging on Skellig Micheal?
Nope,but there are tons of those pesky ewoks.
Ever watched Ryan’s Daughter and Far & Away ?
Ever seen Glengarry Glen Ross?
was Glengarry Glen Ross made in Kerry as well ?
Oh that was your point, I just thought we were naming random movies.
@Al, maximum of 180 tourists allowed on Skellig per day.. so maybe just lots of disappointed tourists for many years to come
Big boom then for B&Bs in Portmagee as they wait their turn.
Disneyland East
The SW set in Tunisia is there for a number of decades, during which time hundreds of thousands of tourists have Ben and gone from the beaches. by all accounts the film set has not proven to be a tourist draw.But shoehorn away….
I’ve been to the SW set in Tunisia. It has been visited by many thousands of tourists and fans over the years. In fact, its a hostel that you can stay overnight in. Its several hours drive from any beaches or other tourist attractions which really hinders its chances of becoming a much bigger draw for tourists. It really takes the entire day and night to get there and back..
The Skilligs are much closer and easier to get to if the weather holds up and you’re willing to hop on a boat. It can be done over a few hours. Plus there’s a hefty stream of tourists passing on the Ring of Kerry all through the summer months.
Oh no its the end of the world..! twits
Good luck to them. Its fecking miserable weather out there.
Great publicity opportunity for An Taisce. Thank you Star Wars. They will be profusely thanked in the credits.
grits great for the country. hopefully we get more visitors because of this. Cong in Co.Mayo still making money out of the film The Quiet Man. Game of Thrones, The Vikings, Star Wars all filmed here. hopefully more will come.
Everything happens for a reason and poignantly StarwarsSkelligMicheal is an anagram for A Caramels Weights Krills which if nothing else should serve as a warning to whales everywhere not to turn to confectionary goods no matter how tasty they are but to continue to feed as they have for generations past.
Just out of curiosity, how long did it take you to compose that comment?
I’m not sure, I blacked out after I pressed submit
pmsl
@John Brown
Maybe they might write a plot where the evil emperor Kenny is destroyed and the forces of good rebel against and triumph over the evil overlords that currently resides in Leinster House.
They could use the giant hole you’re chatting out of as the new Sarlacc pit.
@ Dylan. One of the best comments I’ve read on here in a while :) :) :)
Kerry has an airport????
It also has horseless carriages, flushing toilets and electricity. Fact.
that’s a lovely rock
Strong with the force our Skellig is.
I really want to go there, does somebody knows until when will be closed? thanks
I hope they stick a harness on R2-D2.
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