THE Central Bank has got the High Court to agree to the appointment of a liquidator to Drumcondra Credit Union in Dublin. It is understood the credit union has struggled for a while to build up its capital level to satisfy regulatory rules. The regulator said in a statement: “The Central Bank has been engaging with Drumcondra Credit Union to address its long standing challenges connected with its financial viability. “Despite efforts by Drumcondra Credit Union to overcome those challenges through a voluntary transfer of engagements, all potential solutions available to the credit union were ultimately unsuccessful. The appointment of joint provisional liquidators to Drumcondra Credit Union will not impact on members’ savings in any other credit union, regulators said.

Source: Irish Independent July 02, 2020 12:33 UTC