Killorglin Credit Union taken over after reserve failure

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Killorglin Credit Union was subsumed into Tralee Credit Union following a High Court application by the Central Bank on 18 December 2014.

The move followed the credit union’s failure to restore its reserves after being directed to meet the required level. It had also faced losses linked to poor corporate governance, investment in premises and bullet loans, according to a Central Bank report. Tralee Credit Union was to receive €2.1 million to take on Killorglin’s assets and liabilities.