Thursday 30 March 2017

ILCU and credit union want challenge in open court

Tim Healy

THE Irish League of Credit Unions (ILCU) and a Kildare credit union say their challenge to regulatory directions issued on behalf of the Central Bank should be heard in open court and not in private.

The directions, issued by the Credit Union Regulator last April, relate to reserves, liquidity and loan limits.

The Central Bank and Regulator has brought High Court proceedings saying one of those directions has not been complied with.  They want this matter to be heard by the court "in camera" because they say there is a commercial sensitivity to some of the information involved.

But the ILCU, and Maynooth Credit Union, against which the directions were issued, yesterday asked High Court president Mr Justice Nicholas Kearns, not to allow an in camera hearing as there is no statutory provision for it and the constitution requires justice be administered in public save for circumstances provided by law.

Mr Justice Kearns ordered reporting restrictions until a decision on the in camera matter is given.

The case resumes.

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