Gardaí are investigating 'financial irregularities' at a Cork credit union

GARDAÍ ARE INVESTIGATING after money was taken from the accounts of several members of a Cork credit union last year.

Synergy Credit Union, based in Fermoy, confirmed that “irregularities” were identified in “a small number of accounts” in September as part of its internal transaction-monitoring processes.

It said in a statement that management confirmed the issues and commissioned consultancy Grant Thornton to undertake an investigation.

The credit union added that it also told the relevant authorities, including An Garda Síochana, “as soon as the matter came to light”. Following the credit union’s internal investigation, action was then taken.

“All affected accounts have been replenished to their correct balance. The credit union is insured to deal with such matters and no member’s savings were lost,” the statement said.

The Irish Examiner reported that a total of €407,442 was taken from dozens of accounts.

The credit union said “an individual has accepted responsibility” for the incident and the person was no longer employed at the financial institution after co-operating with the investigation.

In a statement, gardaí said there was an ongoing investigation into “alleged financial irregularities at a financial institution based in Fermoy”.

Synergy Credit Union said it would like to reassure its members that their savings are safe and continue to be protected by the government Deposit Guarantee Scheme.

“The credit union continues to operate as normal,” it said.

Written by Gráinne Ní Aodha and posted on TheJournal.ie

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