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RUSH CREDIT UNION, which was last week at the centre of a €700,000 fraud probe needed a three quarters of a million euro injection in 2011.
In the annual report for the last year for which accounts are available, Rush Credit Union also reveal that it had been given over €750,000 by the Irish League of Credit Unions (ILCU).
Sources close to the situation tell TheJournal.ie that a further €1.2 million has been set aside from the League’s Savings Protection Scheme (SPS) to plug another hole in the credit union’s finances.
It is believed that the credit union’s statutory reserves have dipped to around 2%, well below the 10% required by law.
However, it is believed the issues with reserves pre-date the fraudulent activity, which was reported to gardaí some time ago. A report on that matter is being worked on by auditors working closely wivth the Central Bank.
The 2011 accounts show that the institution had outstanding loans of €17.5 million in 2011, but had made a provision for €3.4 million of bad debts, nearly 20% of its loan book.
For context, many credit unions write off between 1% and 2% of their loans every year.
Rush Credit Union had written off €1.6 million and made a further provision for €1.3 million by the time the accounts were filed.
Confidential
Both the Central Bank, who regulate credit unions, and the ILCU said that they could not comment on the specifics of the case, citing confidentiality.
“We are prevented from commenting on matters related to the supervision of individual regulated firms,” said a Central Bank statement. The Central Bank has, however, stressed that all savings up to €100,000 are covered by the government Deposit Guarantee Scheme and that the credit union is trading normally.
This is echoed by Rush Credit Union which said last week it ”continues to operate as normal and provide all usual services to its members. There is no implication for the savings of any of our account holders”.
The Central Bank said it also couldn’t comment on why the credit union delayed holding its AGM. Legislation does allow annual meetings to be delayed with the consent of the Central Bank. These applications are examined on a case-by-case basis.
The ILCU says that the process is confidential and it cannot comment, but said the SPS was there to help the credit union trade out of difficulty.
“The Savings Protection Scheme (SPS) operated by the Irish League of Credit unions is primarily a stabilisation fund. In the rare event that a credit union shows signs of difficulty, the scheme can provide technical and financial assistance to stabilise the credit union and help it trade out of its difficulties.”
Accounts
Gardaí last week confirmed that they are investigating reports of financial irregularities at the credit union, believed to be related to €700,000 which is missing from the accounts.
The 2011 accounts show that Rush CU had total income for the year of €2.05 million, but total expenditure was €4.1 million, meaning a loss of €2.05 million. They also transferred €22,843 to the investment income reserve, this is another cost and brought the total loss to € 2,077,875.
As the accounts were signed off in May 2013, the figure given to Rush by the ILCU of €754,133 was what was required to get them to the 9% regulatory reserve required in 2012. This later became 10%.
The accounts also show that the 2011 AGM cost over €20,000 and an honorarium was paid to the treasurer of €5,000.
A spokesperson for Rush Credit Union had not responded at the time of publication.
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Shows how incredibly removed he is from empathy with other humans and he’s an influencer? That’s worrying.
@Deborah Behan: if you’re being “influenced” by the like of him you need a reality check.
@Bourbon: Fool!
@Matt Beaumont: why?
‘Troll attention wh0re does something that outrages Twitter allowing journal to post same story twice in 2 days with different headlines for more clicks’ This will be 2018 journalism in a nutshell.
Not once did he make any effort to help the person. It was just a nature documentary for him. Stop letting your kids watch this tripe.
@Liam Byrne:
What exactly do you think he could have done to help the person?
@Liam Byrne: The guy was dead since that morning so there wasn’t much he could have done.
@Brian Ward: well, there was a lot more he could have done – nothing to save that persons life, but he could have called the authorities instead of filming and joking around!
@meatyslaps: He did call the police or rather he asked his guide to call the police.
@Walt Jabsco: Maybe not film them?
@Brian Ward: how did he know he was dead. Is he a physician. He had no idea how long he was there.
@Tom Tom:
I’m not defending him – filming the victim was in extremely bad taste and he fully deserves the public backlash he’s getting.
I’m just asking what exactly Liam thinks should have been done that would have helped the victim. Not much as far as I can see.
@Liam Byrne: The guide that was with hi said that the victim was there since morning so I assume (since the victims features were pixeled out) that it was obvious that he or she was dead for some time.
@Brian Ward: so it sounds like the guide found the body earlier and then brought the guy to it?
@Brian Ward: what could he have done? How about donating ALL the money he received in click-commission from his advertisers to a suicide-prevention charity?
FFS even his ‘Apology’ video is making him heaps of $$$ in advertising revenue!
@Dave O Keeffe: No, it sounds more like that this wasn’t the first time the guide had found a dead body and knew the signs of rigor mortise. He even says that a friend of his killed himself a few years back. The body was hanging so i am assuming that there was definite signs that it had happened long before the crew got there.
Anyway what does it matter? What really matters is that this Logan clown didn’t even have the decency to take off the ridiculous Pokemon hat that he was wearing after finding the body, his crew members couldn’t stop snig-gering and Logan some how makes it all about him and not the victim. Any decent human being would have shown much more respect in such tragic circumstances and made it about raising awareness of mental health and suicide rather than making a show to boost his own ego and ratings.
@Dave O Keeffe: I actually posted my last reply about 2 hours ago but the Journals word filters apparently consider the word s n i g g e r i n g to be offensive! The obviously have their filters set at the top snowflake level.
@Brian Ward: The filters are obviously automated, and it is quite obvious as to why it was blocked.
@Brian Ward: I always thought it was snickering
@Brian Ward: I don’t understand what you’re arguing about, I only asked a question. I am not going to watch the video because that helps this s(umbag
He’s got one of those heads you’d love to punch. Bellend
Ar$ehole – Youtube should get some criticism too, they should not have allowed it to go live.
@Eddie O’Neill: I think that the problem there is that there are so many videos being uploaded every second that YouTube can’t watch and verify every single one of them. They have to wait until someone flags it and then take it down.
@Brian Ward: it was flagged and YouTube manually reviewed it, said it was OK and placed it on the trending page.
@Richard Flynn: Ah well in that case the reviewer should get a bollicking.
Note how YouTube and Google have released a statement condemning it, but this video was on the top ten trending list 2 days ago. YouTube handpick their trending videos!
Just shows they would have had no problem monetising this if there hadn’t been a large public outcry. Now they are pretending they are just as outraged, they ignored their own terms of use policies for their golden boy. Makes me ashamed the lows people are willing to stoop to for a few clicks
@Cian Rynne: not to mention all the other very many violent horrible videos available on YouTube as it stands.
It’s so sad that this mans actions that were wrong are the focus and not a Forrest that is known for suicide. I see our government and agencies patting each other on what is a brilliant thing that less people dies on our roads. Will we have any one with the balls to tell us what our suicide rate is nationally and is it on the rise or falling. Having lost friends and family to suicide people in the right place are afraid to talk about the numbers
This story was run a few days ago on the journal
@Nick Allen: thanks for the heads up
Absolute braindead pri!!k that knows f all about living in the real world..
Most worrying aspect this was the support he received from his young fan base the defended him.
@Grimm: kinda makes you think what the youth of today are going to be like as adults…. mindless lil sheep.
It’s the media making a fuss , the guy apologized FFS
This moran should be prosecuted, teach this selfish git a lesson….
@Johnnie Sexton: For what? He might be an ahole but I doubt he broke any laws.
@Johnnie Sexton: Don‘t allow your children to watch that knob anymore!
No viewers, no money for the moron!
Plain and simple
You know your fooked when you piss off Japan!!!
@Warren Collier: you’re
have your say