FINANCIAL REGULATOR MAY HAVE TO ENFORCE RESIGNATIONS
The Financial Regulator may well have to take further action to ensure his request, that two executive members of the board of Mitchelstown Credit Union step down from their positions ‘in the best interest of the credit union’, is adhered to.
The Avondhu understands that, at the time of going to press on Wednesday evening, no resignation had been tendered. When approached, the office of the Financial Regulator stated to The Avondhu, that the Financial Regulator does not comment on individual cases.
However, when asked if the Regulator has the power to force a board member to resign, the following was quoted: “Section 96 of the Credit Union Act, 1997 (as amended) gives the Central Bank and Financial Services Authority of Ireland the power, in certain circumstances, to suspend, or remove from office, all or any of the directors or members of the Supervisory Committee of a credit union.”
We can assume then, that because of the circumstances prevailing within the board of Mitchelstown Credit Union, the Financial Regulator may well have no option but to enforce the issue if the resignations are not voluntarily forthcoming.
Thursday 9th October 7:16pm