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Howth Sutton Credit Union taken over

Wednesday, March 05 15:37:37

The High Court has today approved the transfer of Howth Sutton Credit Union (HSCU) to Progressive Credit Union, which has assumed ownership and management of the assets and liabilities of the credit union.

This follows an application to the court by the Central Bank, which sought the transfer, with the support of HSCU's Board, because HSCU was no longer viable as a stand-alone entity.

The transfer was undertaken to protect members' savings and ensure continued access to credit union services within the community.

The transfer has no effect on the day to day operations of HSCU and members can continue to do business as normal with the credit union from its premises. Members of HSCU do not need to take any action and are assured that their funds are protected, the Central Bank said.

All services, including savings and lending facilities continue to be available to all members from the credit union which will open as normal tomorrow. HSCU will now operate under the management of Progressive Credit Union.

The Board of HSCU has worked closely with the Central Bank, cooperating throughout the resolution process and supporting the transfer as the most appropriate solution in best interest of its members, the Central Bank said.

"The Central Bank remains fully supportive of the credit union sector in Ireland and is committed to the continued development of a strong and sustainable credit union sector that meets members' changing needs and protects their savings. The Central Bank continues to work with credit unions in difficulty to resolve issues appropriately as part of our programme of work," it added.