Courts / Kerry / Report

High Court approves transfer of Killorglin Credit Union assets

Summary

The Central Bank secured High Court orders for the transfer of assets and liabilities from Killorglin Credit Union (KCU) to Tralee Credit Union. Ms Justice Iseult O'Malley approved the transfer after counsel explained that it would not affect KCU members or employees and that it was in the public interest. Tralee Credit Union had won the bid to acquire KCU's assets and liabilities. KCU had failed to restore its Regulatory Reserve Ratio to the required 10% and could not secure the funding needed to meet regulatory obligations. The Central Bank had been aware of difficulties at KCU since 2010, citing poor lending and credit control practices. The previous board had resigned, but the current board was not a concern for the Central Bank. The transfer will result in a credit union operating in Killorglin, but not under the KCU name.

Who, what, where, when and why

What: Report matter: High Court approves transfer of Killorglin Credit Union assets. Procedural stage: hearing_or_decision

When:

• 2014-12-18 Publication

Why: Counsel said the Central Bank was seeking the orders because KCU had been unable to comply with a direction of the Central Bank in relation to its reserve position. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report