Time­line

Irish Examiner - - News - Com­piled by Cather­ine Shana­han

Mar 2007: Reg­istry of Credit Unions (RCU) in­spec­tion iden­ti­fies sig­nif­i­cant num­ber of large prop­erty and com­mer­cial loans granted to small con­cen­tra­tion of bor­row­ers.

Dec 2009/Jan 2010: RCU lim­its in­di­vid­ual and monthly lend­ing at CCU.

Feb 2010: Burke & As­soc re­port iden­ti­fies loan im­pair­ment is­sues and rec­om­mends a rise in bad-debt pro­vi­sion from €2.8m to €9.9m

May 2010: Ir­ish League of Credit Unions (ILCU) pro­vides Sav­ings Pro­tec­tion Scheme sup­port.

Oct 2011: RCU fur­ther lim­its in­di­vid­ual/monthly lend­ing and im­poses other busi­ness re­stric­tions.

Nov 2011: Ernst and Young is­sues re­port high­light­ing bad debt pro­vi­sion con­cerns, as well as CCU’s sol­vency and vi­a­bil­ity.

Mar 2012: GVM auc­tion­eers is­sue a re­port valu­ing CCU’s premises at a far lower value than the net book value as re­ported in CCU’s au­dited fi­nan­cial state­ments

April 2012: RCU im­poses reg­u­la­tory di­rec­tion re­quir­ing CCU to raise and main­tain its re­serves at 10% of to­tal as­sets. ILCU pro­vides Sav­ings Pro­tec­tion Scheme sup­port.

Oct 2014: CCU sub­mits draft fi­nan­cial state­ment to RCU for the year ended

Septem­ber 2014 re­port­ing that it has met 10% re­serve re­quire­ment.

July 2015: Eis­nerAm­per (ac­coun­tants) re­port iden­ti­fies ma­te­rial is­sues re­gard­ing CCU’s vi­a­bil­ity

Oct 2015: DHKN (au­dit spe­cial­ists) is­sues re­port with re­spect to CCU’s vi­a­bil­ity and car­ry­ing value of the premises.

Jan 2016: MSN is­sues a re­port that iden­ti­fies is­sues with re­spect to CCU’s vi­a­bil­ity

Mar 2016: CCU tells RCU that it has de­cided to pur­sue trans­fer of en­gage­ment rather than con­tinue to op­er­ate as stand­alone en­tity.

June 2016: RCU is­sues di­rec­tion re­quir­ing CCU to raise and main­tain re­serves to 10% of to­tal as­sets.

Au­gust 2016: Trans­fer of en­gage­ment ne­go­ti­a­tions with one credit union ended.

Sept 2016: Trans­fer of en­gage­ment ne­go­ti­a­tions be­gin with Clon­mel CU.

Mar 2017: Clon­mel Trans­fer of en­gage­ment talks fail.

April 2017: Charleville sub­mits re­stated fi­nan­cial state­ments for fi­nan­cial years 2014, 2015 and 2016 show­ing CCU has not com­plied with re­serve re­quire­ments.

May 2017: RCU is­sues di­rec­tion telling CCU to raise re­serves to 10% and also ad­di­tional re­serves of 3% of to­tal as­sets.

June 2017: RCU lim­its in­di­vid­ual and monthly lend­ing.

July 2017: CCU en­ters into trans­fer of en­gage­ment dis­cus­sions with an uniden­ti­fied credit union.

Sept 2017: Trans­fer of en­gage­ment talks end when the other credit union with­draws. RCU meet with CCU who ad­vise there are two fur­ther un­named credit unions con­sid­er­ing a Trans­fer of en­gage­ment.

Oct 2017: CCU writes to RCU stat­ing it is not pos­si­ble for Charleville and an­other credit union to com­ply with Cen­tral Bank re­quire­ments re trans­fer of en­gage­ment within time­frame pro­vided. CCU asks Cen­tral Bank not to take any ac­tion that might be detri­men­tal to mem­bers of Charleville.

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