Irish Authorities Push to Liquidate Scandal-Riddled CU

Irish officials are seeking government permission to liquidate Rush Credit Union following a series of scandals.

Rush Credit Union, located on the Irish coast northeast of Dublin, serves about 10,000 members with about €25 million in savings. According to reports in the Irish Independent, news emerged this summer that the credit union was missing €1.5 million, and more recently it was revealed that the CU's safe was being used to hide tax money owed to the government. The safe also housed deeds to foreign properties, and the Irish Central Bank has appointed forensic accountants to determine who the owners are.

Adding to the credit union's difficulties was the discovery by police that an annual drawing to win a car — which Rush has run for several years — may have been rigged so that employees would win. As a result, €400,000 was refunded to everyone who entered the drawings between 2009 and 2014. A Rush staff member won the car in at least one drawing, but reports have not yet stated what kind of car was won or during what year the employee won.

Authorities began their push to liquidate the credit union after a probe revealed that the credit union was missing more than twice as much money as first originally suspected (now totaling €1.5 million) and that the institution's finances are in such bad shape that it would cost upwards of €5.5 million to stabilize the credit union.

No legal charges have been filed yet, though the credit union's acting chairman has resigned from the board. A representative from the Irish League of Credit Unions told the Independent that the CU's board and management are cooperating with the investigation and that the credit union is "fully insured and is dealing with its insurance company in relation to this matter."