Cork credit union with 12,000 members to be shut down over financial issues

It is the third Credit Union to close over financial issues

Charleville Credit Union in Cork is to be wound down. 

The North Cork financial institution has more than 12,000 members. 

It is the third Credit Union to close over financial issues. 

A liquidator is to be appointed. 

Charlie Weston is Personal Finance Editor with the Irish Independent: 

“All the attempts to rescue Charleville have come to nothing,” he said. “So the Central Banks went into the High Court today and got an order to shut it down basically and have liquidators appointed.”

“This is a blow for about 12,000 people who have savings with the credit union – it has got assets of about €43m.

“It will shock members of credit unions but the issue here is that nobody will lose any money.

“All your money is covered by the State Deposit Guarantee.”