Monday 21 May 2018

Former credit union official official barred from senior role in any finance firm

Rush Credit Union.
Rush Credit Union.
Charlie Weston

Charlie Weston

THE Central Bank has prohibited another former Rush Credit Union official from working in a senior role in financial services.

Former assistant manager at the bust credit union Geraldine Harford will no longer be allowed to carry out any senior functions in any regulated financial service provider.

The same sanction was imposed on the former manager of the same North County Dublin credit union, Anne Butterly, last November.

The High Court approved the appointment of liquidators to Rush Credit Union on 21 November 2016, with court documents recording that the institution owed about €2 million more than it holds in assets.

A partially redacted report by the Central Bank Resolution Division into the credit union was published as part of the liquidation process.

It described the credit union as “a failing institution with poor governance and systems and control issues that it has failed to resolve over many years”.

In a statement, the regulator said: “The Central Bank has issued a Prohibition Notice to Ms Geraldine Harford, former assistant manager of Rush Credit Union Limited (in liquidation), prohibiting her from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider for an indefinite period.

“The prohibition arises from a Central Bank investigation into Ms Harford’s involvement in unauthorised transactions on accounts at Rush Credit Union. “

Director of enforcement and anti-money laundering at the Central Bank Seana Cunningham said the prohibition notice has been issued pursuant to the Central Bank’s fitness and probity regime following the Bank’s investigation into financial irregularities at Rush Credit Union.

She said the Central Bank’s fitness and probity regime is in place to ensure that individuals performing key roles in regulated financial services firms are competent and capable, and act honestly, ethically and with integrity.

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