Friday 22 September 2017

Wound-up credit union's €5m loan book to be sold off

Mr Justice Peter Kelly was satisfied it would be sensible to sell the loans, which he was told have a par value of €5.2m, rather than the joint liquidators of the credit union trying to collect them (Stock picture)
Mr Justice Peter Kelly was satisfied it would be sensible to sell the loans, which he was told have a par value of €5.2m, rather than the joint liquidators of the credit union trying to collect them (Stock picture)

Tim Healy

The non-performing loan book of the wound-up Rush Credit Union (RCU) in Dublin is to be sold following an order from the president of the High Court.

Mr Justice Peter Kelly was satisfied it would be sensible to sell the loans, which he was told have a par value of €5.2m, rather than the joint liquidators of the credit union trying to collect them.

The court, last month, approved the sale of the performing loan book by the liquidators Jim Luby and Tom Rogers. The credit union's Sandy Road premises in Rush has been sold for €1m, the court heard.

Mr Justice Kelly said the Central Bank, which applied for the winding up order last November over a number of failures in the way the credit union had been run over the years, is now its largest creditor because it funded the Deposit Guarantee Scheme which ensured depositors were paid.

The Central Bank indicated it was satisfied that a fair market value offer had been made for what was described as the "delinquent" loan book. There were three bidders and the highest was chosen, the court heard.

Irish Independent

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