DUBLIN, Ireland–Regulators and other government officials investigating the failure of Rush Credit Union here have raised numerous questions, including what happened to 15 cars the credit union supposedly awarded to contest winners.
This country’s High Court has appointed liquidators for Rush Credit Union, which is believed to be insolvent to the tune of €2.2 million. Investigators said they believe another €5 million would have been needed for the credit union to meet legal requirements for minimum reserves.
The Central Bank says it has issued compensation payments to around 9,700 members of Rush Credit Union, with payments amounting to €22.3 million. The payout is being funded out of the Deposit Guarantee Scheme, which covers deposits up to €100,000.
An investigation at the credit union was launched in June of this year when it was discovered that approximately €700,000 was missing from accounts at the branch covering Rush and Lusk as the result of unauthorized withdrawals.
Since that time, Grant Thornton said its inquiry has failed to locate the winners of 15 previous car giveaways, which have cost the union more than €220,000 since 2012. Credit unions in Ireland frequently offer sweepstakes and giveaways.