Concerns raised 10 years on the operations at Charleville Credit Union
The Credit Union which served 12,000 members went into liquidation last month.
The Central Bank released a report outlining the reason behind the liquidation of the Credit Union which shows concerns about its viability were raised since 2007.
The regulator raised other issues including the valuation of its head office as well as the high levels of business loans and loans granted for large property deals.
According to a report in the Sunday Business Post 42% of all loans were made to just 100 borrowers and following several reviews, the regulator imposed restrictions on the level of lending the branch could make as a means to stabilise its position.
The regulator sought a potential partner over the summer to take on the credit union however no deal was made and ultimately the branch closed as it failed to meet the required level of regulatory reserves.
Since its closure almost €40 million has been distributed to its members.
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