Shock over Gurranabraher Credit Union investigation

Shock over Gurranabraher Credit Union investigation
Gurranabraher Credit Union.

THE revelation that up to €200,000 has gone missing from Gurranabraher Credit Union has sent shockwaves through its membership. 

It has been confirmed that the Garda fraud squad at Anglesea Street are investigating financial irregularities at the credit union.

The credit union has issued a statement to say its members' deposits will not be affected by the irregularities that have resulted in the dismissal of a staff member.

It is one of the largest credit unions in Munster with €96m in assets. It covers the Gurranabraher, Sunday's Well, Knocknaheeny, and Shanakiel areas and has 15,000 members, with a busy sub-office in Hollyhill. 

City Councillor Thomas Gould, a member of the credit union, said he was shocked and disappointed to hear of the incident.

“I’m very surprised and I’m sure a lot of people will be to hear the news. It's a very well-managed, local credit union. I’m shocked and disappointed to hear something like this has happened,” he added.

“Gurranabraher Credit Union is a great supporter of the community and it does a lot of fabulous work with the community and various different charities. I’d consider it a very well-run credit union so I’m sure management will cooperate with gardaí and get to the bottom of this as quickly as possible.” 

“I’d be very surprised if this wasn’t handled exactly right. I’m sure management will be transparent because the credit union is very important to the Northside. It will be dealt with properly and remain an essential organisation, in the heart of the community. 

"I hope they can get it resolved as quickly as possible with as much transparency for members as possible.”

Staff at the financial institution identified an issue recently which was investigated and has resulted in the referral of the matter to the gardaí.

It is understood the issue came to light in the recent past and the investigation will aim to find out how long the alleged misappropriation of funds was taking place and the full figure that is involved.

Gurranabraher Credit Union released a statement yesterday assuring members they are insured to cover such matters.

"Gurranabraher Credit Union confirms that no member is exposed to a loss as a result of this matter, and that the matter identified has no impact on the provision of services provided by the Credit Union," he said.

"Gurranabraher Credit Union is a financially strong and stable Credit Union, with over €96m in assets," the statement said.

The Central Bank, who are responsible for regulating credit unions, confirmed to the Evening Echo that they were aware of the matter in Gurranabraher.

"The Central Bank is engaged with this credit union on certain issues and will continue to engage," they said.

The investigation in Gurranabraher came to light in the same week it emerged that more than €400,000 was taken from accounts at Synergy Credit Union in Fermoy.

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