Investigation into Cork credit union

 

An investigation has begun into a Co Cork credit union after irregularities were allegedly found in its accounts.

The Irish League of Credit Unions (ILCU) opened the investigation into the running of Blackpool Credit Union after discrepancies were allegedly discovered during a recent audit. The credit union's 8,000 members have been assured by ILCU officials that their £7 million savings are safe.

The ILCU head of monitoring, Mr Pat Fay, said the matter was being examined by the credit union's auditor.

He said Blackpool Credit Union was in good standing with the ILCU, which gave its members protection. "It's fully protected under the membership protection scheme which protects members' savings of up to £10,000 each."