Regulator probe into credit union

Regulators flexing their muscles with the little guys…

independent.ie/business/iris … 76231.html

A Bail IN not a Bail OUT XX

I saw this as a link of Collapso I didn’t see it posted here. It was on 15 June. There’s obviously some leaks going on to soften the public up for something massive.

14 billion in assets.
Lots of debtors emigrating or just not paying unsecured creditors.

traleecu.ie/images/stories/a … rt2010.pdf
Looks about 5% provisioning. If for example this is repeated everywhere and they needed 20% provisioning. Another 15% provisioning required on 14 billion would be about 2 billion euro?
But some of the 14 billion assets must be cash?

Er, this would be Mr. Kinsella who is Director of Insurance Studies at The Quinn Business School?
ucd.ie/quinn/aboutus/ouracad … ykinsella/

Strangely enough, I can’t find his position on whether the increase in the insurance levy is a bail-out or a bail-in…

Are credit unions of systemic? Why should the taxpayer bail them out?

posting.php?mode=reply&f=19&t=19956#

They should not be bailed out unless we can take control of them.

the loans will have to be rolled into one of the pillar banks.

As to whether we should or not, its a difficult one. The head says no, but the hardship caused will have a huge knock on effect, making the banks call in more loans.

Funnily enough Credit Unions are always registering judgements against people on Experian. They seem to go after small debts with more vigour than banks do.

Are there any pinsters who are in a credit union or have family experience?

When I found a couple of years ago that my mother had 10k in the credit union I went down to the credit union with her and took all but 1.5k out and put it in Ptsb.

Did Credit Unions not supply loans to people for stamp duty/portion of deposits for houses… Surely there’s a conceptual flaw when a bank in it’s heyday of affluence will only “prudently” lend say 92% to a party as they would be over leveraged…and then the party goes and borrowers a chunk of the difference and borrowers further to pay the stamp duty…and let’s face facts, giving the way banks were lending at the time, if they wouldn’t give a party 100%…they probably weren’t a genuinely prime borrower!

There was also a few cases of Credit Unions investing capital into some bank sub debt (which subsequently took a dive), I think one of them sued a Broker (Davys/Goodbodys) for misselling a few years back - can’t remember who it was.

AFAIK Credit Unions are experiencing 30-day delinquencies on up to 25% of their loan books. 90 days are below 20%, from what I recall.

Roscrea Credit Union had judgements of €845,497.64 and €403,386.06 on 21 and 22 June 2011.
I won’t put down the names because I can’t put up the link. It would make a good newspaper story.
It is astonishing that Credit Unions would lend this much to individual borrowers.

That was to two individuals? Holy shit.

two borrowers with same last name.

roscreaonline.com/content.asp?section=738

thurles.info/2010/09/23/roscrea-credit-union-e6m-recorded-losses/

9.3 put aside for bad debts and 6 million losses, on a loan book of 40m that deserves a special award alright

The credit union movement has gone very far from it’s roots if it’s lending these huge sums to people. I’ve nearly €7K in my local one and I’ve resisted the temptation to take any money out as I believe in the notion of credit unions but the increasing number of headlines to do with CUs in trouble is making me nervous :frowning:

Wouldn’t be like recent FG election candidate Tom McHugh of Tuam who was a property developer who also sat on the board of a credit union in Tuam and who was a borrower off that credit union.

Anyway, starting 2008, all high court min €30k

Plenary

ROSCREA CREDIT UNION LIMITED 2009 10612 P ROSCREA CREDIT UNION LIMITED -V- DOORLY T/A DEVITT DOORLEY MAC NAMARA & ORS
ROSCREA CREDIT UNION LIMITED 2010 5644 P ROSCREA CREDIT UNION LIMITED -V- DOORLEY & ORS View
ROSCREA CREDIT UNION LTD 2010 7213 P ACC STAFF CREDIT UNION LTD S/T IRISH LEAGUE OF & ORS -V- J & E DAVY T/A

Summary

ROSCREA CREDIT UNION LIMITED 2008 1372 S ROSCREA CREDIT UNION LIMITED -V- DELAHUNTY & ANOR View
ROSCREA CREDIT UNION LIMITED 2008 1659 S ROSCREA CREDIT UNION LIMITED -V- REYNOLDS & ANOR View
ROSCREA CREDIT UNION LTD 2008 1373 S ROSCREA CREDIT UNION LTD -V- BREWER & ANOR View
ROSCREA CREDIT UNION LTD 2008 1644 S ROSCREA CREDIT UNION LTD -V- RACKET HALL TRADING LTD T/A THE RACKET HALL View
ROSCREA CREDIT UNION LTD 2008 1645 S ROSCREA CREDIT UNION LTD -V- SAMPSON View
ROSCREA CREDIT UNION LTD 2008 1647 S ROSCREA CREDIT UNION LTD -V- RYAN & ANOR View
ROSCREA CREDIT UNION LTD 2008 328 S ROSCREA CREDIT UNION LTD -V- DELANEY View
ROSCREA CREDIT UNION LTD 2008 363 S ROSCREA CREDIT UNION LTD -V- MINOGUE
ROSCREA CREDIT UNION LIMITED 2009 2587 S ROSCREA CREDIT UNION LIMITED -V- KAVANAGH View
ROSCREA CREDIT UNION LIMITED 2009 2588 S ROSCREA CREDIT UNION LIMITED -V- LOUGHNANE View
ROSCREA CREDIT UNION LIMITED 2009 2746 S ROSCREA CREDIT UNION LIMITED -V- BOYCE View
ROSCREA CREDIT UNION LIMITED 2009 2747 S ROSCREA CREDIT UNION LIMITED -V- LUPTON & ANOR View
ROSCREA CREDIT UNION LTD 2009 729 S ROSCREA CREDIT UNION LTD -V- COSTELLO & ANOR View
ROSCREA CREDIT UNION LTD 2009 1020 S ROSCREA CREDIT UNION LTD -V- DELANEY View
ROSCREA CREDIT UNION LTD 2009 1022 S ROSCREA CREDIT UNION LTD -V- BROPHY
ROSCREA CREDIT UNION LIMITED 2010 5601 S ROSCREA CREDIT UNION LIMITED -V- O SULLIVAN View
ROSCREA CREDIT UNION LIMITED 2010 2538 S ROSCREA CREDIT UNION LIMITED -V- FLETCHER View
ROSCREA CREDIT UNION LIMITED 2010 589 S ROSCREA CREDIT UNION LIMITED -V- MINOGUE View
ROSCREA CREDIT UNION LIMITED 2010 588 S ROSCREA CREDIT UNION LIMITED -V- MINOGUE View
ROSCREA CREDIT UNION LTD 2010 6023 S ROSCREA CREDIT UNION LTD -V- MAHER View
ROSCREA CREDIT UNION LTD 2010 2638 S ROSCREA CREDIT UNION LTD -V- CUDDY & ORS View
ROSCREA CREDIT UNION LTD 2010 2639 S ROSCREA CREDIT UNION LTD -V- SHERLOCK View
ROSCREA CREDIT UNION LTD 2010 3759 S ROSCREA CREDIT UNION LTD -V- WILLIAMS & ANOR View
ROSCREA CREDIT UNION LTD 2010 4213 S ROSCREA CREDIT UNION LTD -V- DARLYNN COFFEE COMPANY LTD View
ROSCREA CREDIT UNION LTD 2010 4639 S ROSCREA CREDIT UNION LTD -V- KENNY View
ROSCREA CREDIT UNION LTD 2010 4640 S ROSCREA CREDIT UNION LTD -V- KENNY View
ROSCREA CREDIT UNION LTD 2010 4641 S ROSCREA CREDIT UNION LTD -V- CLEARY & ANOR View
ROSCREA CREDIT UNION LTD 2010 1460 S ROSCREA CREDIT UNION LTD -V- SPAIN View
ROSCREA CREDIT UNION LTD 2010 1459 S ROSCREA CREDIT UNION LTD -V- O BRIEN View
ROSCREA CREDIT UNION LTD 2010 1458 S ROSCREA CREDIT UNION LTD -V- KAVANAGH View
ROSCREA CREDIT UNION LTD 2010 565 S ROSCREA CREDIT UNION LTD -V- O SULLIVAN View
ROSCREA CREDIT UNION LTD 2010 2191 S ROSCREA CREDIT UNION LTD -V- COONAN Vie
ROSCREA CREDIT UNION LIMITED 2011 2376 S ROSCREA CREDIT UNION LIMITED -V- CARROLL & ANOR View
ROSCREA CREDIT UNION LTD 2011 199 S ROSCREA CREDIT UNION LTD -V- CORBETT View
ROSCREA CREDIT UNION LTD 2011 2625 S ROSCREA CREDIT UNION LTD -V- HOGAN View
ROSCREA CREDIT UNION LTD 2011 719 S ROSCREA CREDIT UNION LTD -V- LOUGHMAN & ANOR View
ROSCREA CREDIT UNION LTD 2011 720 S ROSCREA CREDIT UNION LTD -V- HASLAM View
ROSCREA CREDIT UNION LTD 2011 2060 S ROSCREA CREDIT UNION LTD -V- CARROLL View
ROSCREA CREDIT UNION LTD 2011 154 S ROSCREA CREDIT UNION LTD -V- CODY View
ROSCREA CREDIT UNION LTD 2011 309 S ROSCREA CREDIT UNION LTD -V- DONOGHUE View

I think INBS have trounced just about ever other bank in the existence of the banking system with their 90% impairment of the total loan book.

Where did you find those judgements 2pack?

highcourtsearch.courts.ie/hcslive/cslogin

Plug in the year and roscrea in the plaintiff.

is that the same surname which is attached to a case from the 1990’s involving a large sum of money???

listserv.heanet.ie/cgi-bin/wa?A … xt%2Fplain

why isin’t somebody from the credit union in roscrea being held responsible for their actions in lending its members money to unreliable sources

You mean this one

This covers it

thepost.ie/news/ireland/tipperar … 57239.html