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.