CREDIT UNION DISPELS LIQUIDATION RUMOURS
The Board of Management of Mitchelstown Credit Union this week moved to quell what the president, Mr Kevin O’Flynn described as ‘mischievous rumours’ that have been circulating in the area over the past number of days.
“A number of customers have been in contact asking if it is true that we are going into liquidation. It is preposterous that such a rumour could be spread as nothing could be further from the truth,” Mr O’Flynn told The Avondhu.
“We are awash with money,” treasurer Carmel Dowling said when asked if there was any truth in the rumour. “We have €100million in assets, comprising €35million in loans to members and €65million in investments. We also have huge reserves".
"We are in great shape – we are the 17th largest credit union in the country and are constantly subject to assessment by regulators and the Irish League of Credit Unions. Our accounts are checked regularly and these reviews have revealed no concerns.”
The situation at Mitchelstown Credit Union has come to a head following months of speculation that began at the start of the year when popular manager Donal Scannell left his post for a job in Thurles.
“Donal had been here for 3 years,” Carmel Dowling continued. “People leave their jobs and move onto new roles, there is nothing unusual about that.”
Following Mr Scannell’s successor’s departure, the apparently high turnover in the management role fuelled rumour that interference from the Board of Directors was making the manager’s role impossible. The board flatly denied the allegation, noting that they all have their own professions to take care of.
The Board also told The Avondhu that the appointment of Benny McCarthy as manager was on a temporary, 4 month contract. This seems at odds with what Mr McCarthy told this paper upon his appointment last spring however, when he said: “I am looking forward to an exciting new chapter in my life and career.”
The board said the process of finding a new manager is ‘at an advanced stage’, explaining that the appointment of one suitable applicant was deferred due to the candidate’s personal circumstances.
Despite the rumours surrounding Mitchelstown Credit Union, the board insist that they have not noticed members withdrawing money to any great extent as a result of speculation, and pleaded with those with credit union accounts not to do so.
“People’s savings are insured here,” president Kevin O’Flynn noted, “and people who have saved with us for years have built up benefits with their savings. If they withdraw their money on the back of these rumours, only to realise that everything is okay here, it will not matter if they rejoin; they will lose the benefits they will have built up for years.”
“The credit union is thriving,” Mr Flynn concluded. “We have a dedicated staff and there is absolutely no reason for people to lose the confidence that has been built up here over 40 years”.
Thursday 11th September 6:48pm