Financial Services

Siptu seeks credit union workers’ pay from Charleville liquidator

Trade union wants commitment that sums owed will be promptly paid

Charleville Credit Union, which has been placed in liquidation. Photograph: Google Street View

Wed Oct 18 2017 - 20:35

Siptu has contacted the provisional liquidator of Charleville Credit Union in Co Cork seeking a commitment that all entitlements due to its members will be promptly paid following last Friday's granting of a High Court application to wind up the financial institution.

“We have contacted the provisional liquidator of Charleville Credit Union to seek a commitment that all entitlements due to our members, including redundancy payments, are paid as expeditiously as possible,” said Siptu organiser Paula O’Loughlin.

She added that the move to place the credit union in liquidation followed “a period a great uncertainty for the staff, who have lost their jobs as a result of the decisions and practices of others”.

The trade union represents 12 members of staff at the credit union.

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“Charleville Credit Union had been serving the local community since its formation in 1963. Its closure in these circumstances is greatly regretted by a devastated workforce,” Ms O’Loughlin said.

The Central Bank went to the High Court last Friday to seek the appointment of accountants David O’Connor and Jim Hamilton of Dublin firm BDO as joint provisional liquidators to the credit union. It was not insolvent, but financial issues dating back to 2009 meant its reserves fell short of the level required by the regulator.

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