Credit Union contacts members following suspected disappearance of €700K

The Irish League of Credit Unions has confirmed that an “issue” has been identified

Rush-Lusk Credit Union in north county Dublin has contacted members following the suspected disappearance of €700,000.

Gardaí have confirmed they are investigating an irregularity at the north county Dublin financial institution while the Central Bank is also looking into the matter.

The credit union has written directly to members about the issue and sought to ensure them that their money is safe.

The Credit Union have confirmed that they appointed Grant Thornton to carry out an independent review in February following “the identification of a transaction requiring examination.”

“The external review process is nearly complete and a report is being prepared for the Board. The Central Bank and the Garda Síochána were informed of the situation some time ago,” a statement read.

The Irish League of Credit Unions said “The credit union has identified an issue. As the matter is currently being investigated we cannot comment in any great detail other than to say that the credit union is working extremely hard to ensure that this matter is dealt with swiftly.”

Rush-Lusk Credit Union has approximately 12,000 active members and it holds savings of circa €25 million.

The League went on to say that no credit union funds will be affected by the incident and that the credit union is fully insured to deal with such matters.

In a statement the Credit Union said it “continues to operate as normal and provide all usual services to its members. There is no implication for the savings of any of our account holders.”