We, the undersigned, appeal to Justice Kelly of the High Court, to prevent the destruction of our local cooperative bank, Charleville Credit Union by the Irish Central Bank; and refuse the winding up application that it has sought through your court.
Our member-owned bank has been built up by three generations of volunteers over the last 54 years, representing a huge level of social capital. This should be recognised by Mssrs Paul Gallagher (SC) and Wesley Murphy, acting on behalf of the Central Bank to shut it down.
Like many other financial institutions, some very poor lending decisions were made before the crash. However, unlike the private banks, Charleville Credit Union has received no state handouts or bailouts to deal with the property crash, and should be given support and further time to solve its issues.
The summary intervention of the Central Bank is an act of vandalism, and shows absolutely no respect for years of service given by our Credit Union to the local community, nor for the thousands of hours that members, volunteer directors, and others have donated. Their efforts have created the unique social capital of this local member-owned bank. That has a value, which should also be protected and guaranteed by the Central Bank.
We understand from a letter circulated by the Credit Union Board to all its 12,000 members in March of this year, that for the last 5 years, the Central Bank has placed restrictions on our Credit Union that made it very difficult to operate, including preventing it from holding an AGM. These policies must be changed. The Central Bank must recognise the uniquely different model that cooperative and member-owned banks represent, and work with the volunteer board in addressing its problems.
According to former board member Ian Doyle, it was ironic that the inability to address a required 10% reserve position was the reason for the appointment of the liquidator ”when one considers that seven years of Central Bank restrictions have inhibited members taking out loans, prevented the business investing its savings and ultimately weakened the asset base to the point where it became impossible for the credit union to maintain a 10% reserve”.
“Charleville Credit Union is solvent and its current assets are sufficient to cover its members’ shares,” the former board said in a statement. “In addition, all members’ deposits are protected by the Government Deposit Guarantee Scheme. This course of action will incur large costs to the taxpayer in liquidator’s fees. We fail to see how this expensive course of action is appropriate or necessary.”
Updates
October 16, 2017
We just hit 100 signatures to defend Charleville Credit Union. Post the petition link on Facebook right now and email your local representative to demand they back our fight.
Reached 250 supporters
October 15, 2017
Reached 100 supporters
October 15, 2017
October 13, 2017
We need to hit the 100 signature mark to force the Central Bank to acknowledge our presence. Post this link on your Facebook profile right now and text three friends to get them to add their names.
97 Comments
The banks got a bailout to the tune of nearly 70 billion yet 5 million is the price to close a pillar of the community. Credit unions are expected to operate like banks however they can't by the nature of the business
Neither my father, Joe Lambert, nor his co-founders, would have allowed such a shameful act. It is imperative that the Charleville Credit Union stays open, and remains open for good. Issues must be acknowledged and addressed, and new strategies implemented, for the good of the town, its people, and its founding members.
Charleville credit union is extremely important to our local town. I have went credit union since national school. I'm over 30 yrs a member. I got my first car thanks to credit. It's so important to the ordinary people the staff couldn't do enough for u. No machines involved unlike our banks.
Please do not leave the people of Charlevile and is envrons at the mercy of a vulture bank - they need the Credit Union who treat their members like human beings
Like many other financial institution some very poor lending decisions were made before the crash. However, unlike the private banks, Charleville Credit Union has received no state handouts or bailouts to deal with the property crash, and should be given further time to solve its issues. The Central Bank shouldn't just close an institution built by 3 generations of people.
The CU is a vital community service assisting a broad range of people. It creates possibilities, often for small amounts where other banks wont.
Been always a great resource for the people of the town
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We, the undersigned, appeal to Justice Kelly of the High Court, to prevent the destruction of our local cooperative bank, Charleville Credit Union by the Irish Central Bank; and refuse the winding up application that it has sought through your court.
Our member-owned bank has been built up by three generations of volunteers over the last 54 years, representing a huge level of social capital. This should be recognised by Mssrs Paul Gallagher (SC) and Wesley Murphy, acting on behalf of the Central Bank to shut it down.
Like many other financial institutions, some very poor lending decisions were made before the crash. However, unlike the private banks, Charleville Credit Union has received no state handouts or bailouts to deal with the property crash, and should be given support and further time to solve its issues.
The summary intervention of the Central Bank is an act of vandalism, and shows absolutely no respect for years of service given by our Credit Union to the local community, nor for the thousands of hours that members, volunteer directors, and others have donated. Their efforts have created the unique social capital of this local member-owned bank. That has a value, which should also be protected and guaranteed by the Central Bank.
We understand from a letter circulated by the Credit Union Board to all its 12,000 members in March of this year, that for the last 5 years, the Central Bank has placed restrictions on our Credit Union that made it very difficult to operate, including preventing it from holding an AGM. These policies must be changed. The Central Bank must recognise the uniquely different model that cooperative and member-owned banks represent, and work with the volunteer board in addressing its problems.
According to former board member Ian Doyle, it was ironic that the inability to address a required 10% reserve position was the reason for the appointment of the liquidator ”when one considers that seven years of Central Bank restrictions have inhibited members taking out loans, prevented the business investing its savings and ultimately weakened the asset base to the point where it became impossible for the credit union to maintain a 10% reserve”.
“Charleville Credit Union is solvent and its current assets are sufficient to cover its members’ shares,” the former board said in a statement. “In addition, all members’ deposits are protected by the Government Deposit Guarantee Scheme. This course of action will incur large costs to the taxpayer in liquidator’s fees. We fail to see how this expensive course of action is appropriate or necessary.”
Updates
October 16, 2017
We just hit 100 signatures to defend Charleville Credit Union. Post the petition link on Facebook right now and email your local representative to demand they back our fight.
Reached 250 supporters
October 15, 2017
Reached 100 supporters
October 15, 2017
October 13, 2017
We need to hit the 100 signature mark to force the Central Bank to acknowledge our presence. Post this link on your Facebook profile right now and text three friends to get them to add their names.
97 Comments
The credit Union is an integral part of the towns society and fabric. The Credit Union is as much a social as financial institution. It must not be allowed to close.
The banks got a bailout to the tune of nearly 70 billion yet 5 million is the price to close a pillar of the community. Credit unions are expected to operate like banks however they can't by the nature of the business
Neither my father, Joe Lambert, nor his co-founders, would have allowed such a shameful act. It is imperative that the Charleville Credit Union stays open, and remains open for good. Issues must be acknowledged and addressed, and new strategies implemented, for the good of the town, its people, and its founding members.
Charleville credit union is extremely important to our local town. I have went credit union since national school. I'm over 30 yrs a member. I got my first car thanks to credit. It's so important to the ordinary people the staff couldn't do enough for u. No machines involved unlike our banks.
Please do not leave the people of Charlevile and is envrons at the mercy of a vulture bank - they need the Credit Union who treat their members like human beings
Like many other financial institution some very poor lending decisions were made before the crash. However, unlike the private banks, Charleville Credit Union has received no state handouts or bailouts to deal with the property crash, and should be given further time to solve its issues. The Central Bank shouldn't just close an institution built by 3 generations of people.
The CU is a vital community service assisting a broad range of people. It creates possibilities, often for small amounts where other banks wont.
Been always a great resource for the people of the town
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The credit Union is an integral part of the towns society and fabric. The Credit Union is as much a social as financial institution. It must not be allowed to close.