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Monday 15 October 2018

Thousands of members of troubled Charleville Credit Union sent cheques to cover deposits

Customers Charles and Theresa Heaney, and Donal and Mary Deady, outside the branch. Photo: Liam Burke/Press 22
Customers Charles and Theresa Heaney, and Donal and Mary Deady, outside the branch. Photo: Liam Burke/Press 22
Louise Kelly

Louise Kelly

Thousands of members of Charleville Credit Union have been sent cheques to cover their deposits following the credit union's shock closure.

According to the Central Bank, payments by cheque have been issued to around 10,900 members of the troubled credit union.

Earlier this month, provisional liquidators were appointed to Charleville Credit Union after an application was made by the Central Bank to the High Court.

At the time, Charleville residents accused the Central Bank of launching an "blatant assault on rural Ireland".

The Central Bank said that the compensation paid amounts to approximately €39.2m, which represents over 98pc of eligible deposits covered by the scheme. 

In a statement released on Wednesday morning, the bank said that members, whose deposits are covered under the deposit guarantee scheme (DGS), should start receiving their payments shortly.

However, the Central Bank also stated that the DGS may need some additional information before payments are made, for example in the case of a deceased member’s estate.

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