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Rush Credit Union: Report finds 15 cars bought for car draw but can't find details of the winners

A liquidator has been appointed to the beleaguered institution.

A REPORT INTO the governance of Rush Credit Union was unable to locate the winners of 15 car draws even though over €220,000 was spent on the vehicles.

The High Court today appointed a liquidator to the credit union with court documents recording that the institution owes about €2 million more than it holds in assets.

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

The report references reviews conducted by Grant Thornton (GT).

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”.

The report also found that there was

a substantial purported misappropriation and issues regarding the management of the car draw.

The report was able to uncover payment transactions in relation to the car draw but not the details of winners because “no information is recorded or published on Rush’s website”.

In total, purchase details were found for 15 cars totalling €220,500.

PastedImage-65018 Centralbank.ie Centralbank.ie

In June of this year, gardaí said they were investigating reports of financial irregularities at the credit union, which covers Rush and Lusk.

Provisional liquidators were appointed to the institution earlier this month and since then the Central Bank says it has issued compensation payments to about 9,700 members of Rush.

The payments have been made automatically through the Deposit Guarantee Scheme.

“The total amount of compensation paid to date amounts to €22.3 million, representing 98% of deposits covered by the scheme. Members received their payments from 11 November 2016,” the Central Bank said in a statement.

Read: “A major cause of concern”: Shock as liquidator appointed to Rush Credit Union >

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    Mute great gael of Eire
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    Jun 16th 2020, 2:58 PM

    Why not get the ECB to print the money and give it to the Irish Govt to kick start the economy. Create new projects all over the country and the money should filter down to everyone in the economy. The reason the ECB tries not to print money is to prevent inflation. That’s the only reason. But we are in a crisis and we need money to get the economy going again. Central banks can do what ever they want

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    Mute David Corrigan
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    Jun 16th 2020, 2:38 PM

    A lot will depend on how well (if at all) the tourist industry bounces back when restrictions are fully lifted.
    I think a lot of other sectors will be ok as they were performing well before the crisis hit.

    33
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    Mute Martin Peter Rahill
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    Jun 16th 2020, 4:07 PM

    Clamping down on Tax Evasion rather than just increasing tax would be a fine chance. Nixers & other undeclared additional income cheat everyone. The “Welfare Cheats cheat us all” is a classist argument that cost a fortune to roll out – and gathered less money in enforcement actions than it cost.

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    Mute Michael Wall
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    Jun 16th 2020, 5:22 PM

    The ECB have already agreed to underwrite everything at 0%, no need for a recession. We can push money into the economy, build needed infrastructure all we need is a government and an Irish central bank with vision.

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    Mute Peter Hughes
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    Jun 16th 2020, 3:19 PM

    Sure we can blame the greens for it because somehow they buried us in corrupt debt for the last 20 years….knowing the moronic Irish voter down they will somehow come to this conclusion lol.

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    Mute Sean
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    Jun 16th 2020, 3:29 PM

    @Peter Hughes: well the green party last time they were in power introduced a regressive carbon tax which does nothing but punish people who have no choice to drive due to lack of rural public transport, can’t see them doing much better this time round

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    Mute Peter Hughes
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    Jun 16th 2020, 4:10 PM

    @Sean: Lol nothing to do with FFG and their stellar governance….we deserve them let’s face it.

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    Mute Mickomacko
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    Jun 17th 2020, 1:11 AM

    That building, it looks like there is still scaffolding around it

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    Mute Mickomacko
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    Jun 17th 2020, 1:11 AM

    That building, it looks like there is still scaffolding around it

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