The largest credit Union in the state has been sued for €1.5 m back payments

  • The largest credit Union in the state has been sued for €1.5 m back payments
    Independent.t. E.
    The largest credit Union in the state with the representative body for the sector, the Irish independent has learned.
    https://www.independent.ie/business/personal-finance/largest-credit-union-in-state-being-sued-for-15m-back-payments-37198803.html
    https://www.independent.ie/business/article35975345.ece/958f0/AUTOCROP/h342/2015-02-16_bus_7030603_I1.JPG

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The largest credit Union in the state with the representative body for the sector, the Irish independent has learned.

It is believed that the move is an attempt to intimidate other credit unions into paying millions of euros of debt in fees, although this was denied in the League.

St Raphael credit Union Garda was threatened with high court proceedings the Irish League of credit unions in a dispute over his fees.

This is the first time the League has filed a lawsuit against the credit Union.

League said she was forced to take legal action on payment of outstanding membership fees and other payments.

It is also clear St. Raphael owes contributions to the Fund of the assistance League, the scheme of protection of savings (ATP).

Problem

About 80 associations are understood to owe money to the Fund, ATP, which is used to help troubled lenders.

Sources said that the dispute centres around claims the station owes 1.5 million euros in payments to the League, the claim of the credit Union denies.

It is believed that the movement against the strongest credit Union in the state as a warning to other, smaller credit unions into paying their arrears of ATP.

Saint-raphaël is the largest CU in the country with assets of over €400 million and 35,000 members, most of whom are members of the national police.

He left the League in 2016, but clearly, the League claims, he did not leave the representative of the organization until January of this year.

The memo, seen by the Irish independent and sent to all members of the League, head of legal Affairs at the Irish League of credit unions, the money requirements of the debt of St. Raphael.

The proposal of the League to refer the dispute to mediation was rejected by the St. raphaël, who insisted that this issue was resolved in the high court, in accordance with the memo.

Legal advice obtained by the Council of the League decided to initiate a lawsuit in the Supreme court.

“In accordance with the recommendations of the senior Advisor, it was necessary for the case in question the names of all the members of the League,” the memo States.

He added: “while the Council of the League expresses its regret that it was necessary to pass this course, he also notes that it is very important for the League and its members that all amounts due from former members duly collected and paid.”

Asked about the lawsuit, a representative of St Raphael’s to meet the requirements.

“We believe this lawsuit is unfounded and will defend the case in full in court,” said the spokesman.

The credit Union, Garda said in 2016 he leaves the League without explanation.

He said he will no longer pay an annual fee to the League, what are the sources of estimates, amounted to about €150,000 per year.

She has also contributed to the savings protection Fund of the League, I realized, amounted to about € 120,000 per year.

Safe

Sources say that the decision of the police CU largely based on the fact that Saint-Raphael is financially secure and does not need the protection circuit groups or any other support from the League.

In may, it turned out, the credit Union invests a “significant seven-figure” amount to give their members with mobile and online banking.

He signed a contract with the Swiss banking technology vendor Temenos to expand the range of services offered by Participants , including allowing them to apply for credits for new mobile and online services.

St. Raphael came out of the recession with its underlying asset, and a few years ago he started to offer mortgage loans up to €300,000 to members.

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