Thursday 19 October 2017

Credit Union boss hits out at accounts claim

Consumers are making a bigger effort to repay credit unions than the taxman
Consumers are making a bigger effort to repay credit unions than the taxman
Charlie Weston

Charlie Weston

THE court-appointed accountant running the State's largest community based credit union has made a rare public statement, disputing claims made by those opposed to his role.

In January 2012, the High Court agreed to a request from the Central Bank to have Luke Charleton of Ernst & Young appointed as special manager to run Newbridge Credit Union.

Campaigners in the Kildare town claimed that the Central Bank engineered a situation whereby the special manager could be appointed, by demanding that bad debt provisions at the credit union be massively increased.

They claim this happened after auditors had approved Newbridge's 2011 accounts. These accounts gave the credit union "a clean bill of health", the campaigners claim.

A copy of the draft 2011 accounts, seen by this newspaper, show they were prepared by Grant Thornton and signed by three directors of Newbridge Credit Union. However, the accounts were never published.

A statement from Mr Charleton yesterday said: "Please note, no audited statutory accounts for the year ended September 30, 2011 were finalised prior to, or since, the appointment of the special manager due to the ongoing resolution process.

"Prior to statutory accounts being finalised, the accounts have to go through a number of specific steps which have not been completed for the financial accounts for the year ended September 30, 2011," he added.

"Therefore, accounts not published by Newbridge Credit Union should not be considered the final audited statutory accounts for Newbridge Credit Union for the year ended September 30, 2011."

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