Tuesday 21 October 2014

Berehaven Credit Union customers get their savings back

Published 31/07/2014 | 11:23

The offices of Berehaven Credit Union, Main Street, Castletownbere, West Cork.

THOUSANDS of savers who had money in a Cork credit union that was forcibly shut down last week have got their money back.

Just a week after Berehaven Credit Union was closed on foot of an order from the Central Bank some €10m has been paid out to the savers.

The Central Bank got the High Court to agree that Berehaven CU be liquidated and its assets sold off. Its 3,500 members will have their €11m in savings.

This morning the Central Bank said that €10m in compensation payments have been made to 3,100 depositors from the State’s deposit guarantee scheme.

“Cheques have now been posted to over 85pc of members of Berehaven Credit Union, which was placed into liquidation on 23 July 2014,” the Central Bank.

Remaining deposits are being progressed as quickly as possible and it is expected that further payments will be made shortly, a spokeswoman for the bank said.

Depositors were that they do not need to make any application for repayment as this will be processed automatically.

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