Fine Gael candidate in credit union probe
Published 10/01/2011 | 05:00
FINE Gael has opted to run a candidate in the General Election who is at the centre of a probe into credit union loans.
The Financial Regulator is investigating a credit union that gave out millions in commercial and property development loans -- including to its former chairman, Fine Gael councillor Tom McHugh.
Mr McHugh contested the 2007 General Election, but failed to win a seat. He was added as a Fine Gael candidate in Galway East yesterday.
Financial Regulator Matthew Elderfield is concerned about loans given by St Jarlath's Credit Union in Tuam, Co Galway. Many were approved while Mr McHugh was its chairman. He and his property development company have a number of loans from the credit union.
Mr McHugh said nothing happened during his term on the board that went against the rules of the credit union.