Appointment of Provisional Liquidators to Rush Credit Union

Media Release: 02 November 2016

The Irish League of Credit Unions (ILCU) notes the appointment today of provisional liquidators to Rush Credit Union Limited.  The Board of Directors of Rush Credit Union has, for some time, sought to bring about a transfer of Rush Credit Union to another credit union on a voluntary basis. However, this was found not to be feasible.

The eligible savings of members of Rush Credit Union will be covered by the Deposit Guarantee Scheme (DGS). Members of Rush Credit Union will receive compensation in respect of their eligible deposits up to €100,000 per person. The DGS will make payments to members of Rush Credit Union in the coming weeks.

The ILCU is conscious that there is a demand for the services of a credit union in the local area and will continue ongoing efforts to examine what arrangements can be put in place to provide credit union services for the former members of Rush Credit Union.

Every credit union is an independent, autonomous entity and as such the resolution of Rush Credit Union does not impact upon the position of any other credit union

 

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