Farrell expresses concern and shock at liquidation of Rush & Lusk Credit Union

Fine Gael TD for Dublin Fingal, Alan Farrell has said the decision by the Central Bank to liquidate Rush and Lusk Credit is both shocking for members and a major cause of concern for staff.

“Over recent months, we have heard a great deal in relation to the reported irregularities in record keeping in Rush and Lusk Credit Union. Such reports have caused a great deal of concern for both residents in the local community and customers of the Credit Union. 

“The need for the these irregularities to be accounted for is not negated by the decision of the Central Bank to liquidate Rush and Lusk Credit Union. Such reports undoubtedly compromised the integrity of this local service and all members of the Credit Union deserve to know exactly what happened within the Credit Union in relation to these reported anomalies.

“I am pleased that the statutory Deposit Guarantee Scheme will ensure that the members of this Credit Union who have savings of €100,000 or below will not be affected by this liquidation.

“I also have concerns for the staff of Rush and Lusk Credit Union who now find themselves unemployed. I would urge them to engage with the Department of Social Protection in order to ascertain what supports may be available to them. I will communicate with the Minister and the Department to ensure the staff at Rush and Lusk Credit Union are put to the forefront of its agenda.

“While it is unfortunate that the decision to liquidate Rush and Lusk Credit Union has been taken, given the anomalies which have been reported, this decision is clearly not unjustified. However, now the needs of both its customers and staff must be prioritised.”

“The tax payer will support the members of this Credit Union and will guarantee their savings but questions must be asked of their liquidity problem and the unanswered questions from a number of months ago when Grant Thornton and An Garda Síochána looked into irregularities at this essential local financial institution.

“This is a sad turn of events for the local communities in Rush and Lusk, however, I will endeavour to engage with the League of Credit Unions in search of a solution for local residents who have had a long and proud relationship with the Credit Union movement. It is my hope that we will be able to find a resolution which will allow for the replacement of this important local institution with one which will adequately serve the needs of every member of the local community.”