Court winds up credit union

THE country's millions of credit union members were urged not to panic and pull money out of their accounts after courts ordered the first wind-up of a locally-owned lender.

Berehaven Credit Union is to be liquidated and its assets sold off.

Its 3,500 members will have their €11m in savings paid out of a State compensation fund.

The move prompted massive worries for the close to three million members in 386 credit unions. There is total savings of €11bn in the all credit unions.

The Central Bank, which asked the High Court to wind up Berehaven, said: "The appointment of the provisional liquidator to Berehaven Credit Union does not have any impact on members' savings in any other credit union."