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To ask the Minister for Finance his views on plans to distribute the value of the assets held by a credit union (details supplied) to its members, in view of the fact that the statement issued by the Central Bank on 2 November 2016 made reference only to the return to members of deposits held with the credit union; and if he will make a statement on the matter.

– Clare Daly T.D.

The decision to apply to the High Court to wind up Rush Credit Union Ltd was made by the Governor of the Central Bank. The legal grounds under which the Governor made this decision are set out in the Central Bank and Credit Institutions (Resolution) Act 2011.
I have been informed by the Central Bank that it made an application on 2 November 2016 to the High Court to have joint provisional liquidators appointed to Rush Credit Union Limited. Jim Luby and Tom Rogers of McStay Luby were appointed as joint provisional liquidators on that date by the President of the High Court, Mr Justice Peter Kelly. The full application will be heard on 21 November, when the Central Bank will seek the winding up of Rush Credit Union Ltd. The Central Bank took this action in order to ensure the protection of members’ savings. The credit union will not re-open and all issues relating to the wind down of services will be managed by the Joint Provisional Liquidators.
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