An inquiry by Grant Thornton failed to locate the winners of previous car giveaways by the credit union
The High Court has agreed to appoint liquidators to Rush Credit Union, which is insolvent to the tune of €2.2 million.
The Central Bank has revealed that the bank would have needed close to €5m in extra funds in order to meet its legal requirements for minimum reserves.
It also revealed that an inquiry by Grant Thornton has failed to locate the winners of previous car giveaways, which have cost the union over €220,000 since 2012.
In a statement, the Central Bank says "various reviews, reports and inspections governance" recommended that the credit union "enhance its governance and internal control environment".
"The Board and management failed to address these very significant recurring issues and as a consequence, this led to a severely compromised financial position, and ultimately the failure of the credit union," the statement adds.
The Central Bank says it has issued compensation payments to around 9,700 members of Rush Credit Union, with payments amounting to €22.3 million.
Provisional liquidators had been appointed to the credit union on November 2nd.