Questions and answers: others fear legal action

  • Questions and answers: others fear legal action
    Independent.t. E.
    Question: why is the leading representative body for credit unions is suing one of its former members?
    https://www.independent.ie/business/personal-finance/qa-others-will-fear-legal-action-37198853.html
    https://www.independent.ie/business/personal-finance/article37198852.ece/16295/AUTOCROP/h342/2018-08-09_bus_43127772_I1.JPG

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Question: why is the leading representative body for credit unions is suing one of its former members?

Answer: the representative body for the sector, the Irish League of credit unions, said credit unions member recently was the issue of the high court against the largest credit Union in the state, St. Raphael’s Garda CU. On the approval by the League that he owed various fees from St Raphael. Clearly, this amounts to 1.5 million euros.

They are primarily comprised of fees in respect of membership fees and contributions to Fund rescue League for troubled credit unions, savings protection (ATP). Saint-Raphael denies the claims and has vowed to fight the case to the Supreme Court.

Question: are there other credit institutions are required tickets to the Irish League of credit unions?

A: a large number of credit unions required the SPS contributions to the League.

The figure for credit unions that are in arrears in their contributions to ATP is close to 80pc – almost a third of the active UE in the state. Some credit unions have serious doubts about how funds SPS recently used. We are talking about the fact that the Fund ” PCA ” was used in an effort to keep CU Charleville, in County cork, but the credit Union is closed, and the ATP Fund will lose money.

Question: the League has not taken legal action against the credit Union before?

Answer: this has never happened before that the representative body takes legal action against the members of the credit Union or a former member.

This unprecedented move has raised fears that other credit organizations, which have tickets in the League will face similar legal action. 296 League of credit unions, its members in the Republic, but not all active.

Question: what types of breakdown of the law of war to speak on the motion?

Answer: it’s a bad sign when the body established to represent and foster the growth of credit unions has sued one of the lenders.

Credit unions are under enormous pressure. They are trying to give money. This comes at a time when the level of savings is so high that some credit unions limit the number of participants in the money may leave them.

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