Gardaí investigate ‘irregularities’ at credit union in Fermoy

Synergy credit union identified unauthorised transactions of over €400,000

Synergy credit union in Fermoy, Co Cork, confirmed that an internal investigation identified net unauthorised transactions of €407,442. Photograph: Colin Keegan

Synergy credit union in Fermoy, Co Cork, confirmed that an internal investigation identified net unauthorised transactions of €407,442. Photograph: Colin Keegan

 

Gardaí are investigating alleged financial irregularities at a financial institution based in Fermoy, Co Cork, a spokesperson for An Garda Síochána told The Irish Times.

Fermoy Credit Union, which trades as Synergy credit union, has also confirmed to this newspaper that irregularities were identified on a small number of accounts at the branch. The branch chief executive, Martina Cotter, said that the investigation identified net unauthorised transactions of €407,442.

According to a statement from the credit union, the individual involved has accepted responsibility, co-operated with the investigation in full and is no longer employed by the credit union.

“The Credit Union informed all relevant authorities as soon as the matter came to light, including An Garda Síochána, and all appropriate steps were taken to resolve the matter swiftly. The credit union internal investigation has since concluded and all affected accounts have been replenished to their correct balance”, said a statement from the credit union.

Synergy credit union went on to reassure members that their savings are safe and are protected by the Government deposit guarantee scheme.

The Central Bank declined to comment on the matter.