Winding-up Berehaven credit union
The board of a West Cork credit union has said "it is simply not credible" to claim a High Court order to wind it up had safeguarded the public interest.
Mr Justice Nicholas Kearns yesterday granted the application to wind up Berehaven Credit Union, Castletownbere, which has 3,500 members. Lawyers for the Central Bank had sought the order.
The making of the application or the order could not be made public until 2pm to prevent a run on the credit union.
Counsel for the Central Bank, Patrick Gallagher, said a review conducted earlier this month highlighted Berehaven Credit Union was at an increased risk of a disorderly collapse that could lead to a run on deposits. An orderly wind-up, he said, was in the best interests of the credit union sector and the State. The Government
Add comment