Fianna Fáil TD for Dublin-Fingal Darragh O’Brien says moves must be made to protect the savings of members of Rush Credit Union if the financial institution is wound down. The Cabinet has decided to appoint a liquidator to wind down the Credit Union after a series of financial irregularities were uncovered.
Deputy O’Brien commented, “The revelations of practices at Rush Credit Union are extremely concerning and paint a very bleak picture for members. There are around 10,000 people who hold accounts with the Credit Union, and I welcome the statement from the Central Bank that the €25m in members’ savings is not at risk. However, the fallout from the closure of the Credit Union will be acutely felt by many in the town.
“The closure of Rush Credit Union will be a huge blow. Jobs may be lost and residents will be left without access to any financial institution, as the major banks closed their branches over recent years.
“Rush residents cannot be left high and dry. The revelations at Rush Credit Union are deeply worrying, but innocent members should not have to pay the price for the sharp practice undertaken by a few people. Efforts must be made to ensure that members are accommodated, either at other Credit Unions, or facilitated if they want to transfer their money to other financial institutions.
“This is a very distressing time for workers and their families and I hope that the liquidation procedures are undertaken in a compassionate and sensitive manner”.