Michael McGrath (Cork South Central, Fianna Fail)
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45. To ask the Minister for Finance if the Central Bank of Ireland is conducting an inquiry into certain matters at a credit union (details supplied) in Dublin 3; and if he will make a statement on the matter. [26494/14]

Michael Noonan (Limerick City, Fine Gael)
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I have been informed by the Central Bank of Ireland that while the Central Bank does not comment on any specific institution, they have confirmed that they are engaged with the credit union in relation to certain irregularities and there is an on-going Garda investigation into these matters. 

It has been brought to my attention that a number of anomalies were discovered in the accounts of the credit union and that an independent forensic review is now underway. This review will determine the financial loss to each affected member and will ascertain the true financial position of these accounts. I understand that the credit union concerned has stated that any member whose account has been affected will have their account amended to reflect the correct position and no member will be at a financial loss. In relation to those accounts where payments are alleged to have been made, specific steps will also be taken to determine the true position in relation to these accounts. 

While the net loss to the credit union is estimated to be between €400,000 and €450,000, I have been informed that the credit union expects indemnification of this amount under its insurance policy.