Rush-Lusk Credit Union.

TOMs WIFE

Mine too. The central bank deposit protection scheme sent money quicker than I thought which is grand.

charlietheminxx

I got mine today too. I'll have to leave an Xmas tip for LeoB!

martinn123

Appointment of Liquidator confirmed today by High Court

Some comment about 12 Cars bought for the draw, but they can't trace any winners.
Can't post a link as I am on IPad, perhaps someone can post link please.

Muppets.

Username Exists.

Here.

https://www.breakingnews.ie/ireland/inquiry-into-rush-credit-union-cant-find-winners-of-15-cars-liquidators-appointed-over-insufficient-cash-reserves-765132.html

LeoB

http://www.thejournal.ie/rush-liquidator-3094180-Nov2016/

There is a lot of talk around the town at the moment. A lot of people are just happy to have had their cheques arrive.

People trying to link anyone and everyone to this mess. Like putting 2 and 2 together and getting 5!! To be even related to anyone working there is nearly a crime.

Spoke to a girl who worked there and she is heartbroken for the members and embarrassed by the whole mess. I didn't get into any ins and outs as I would prefer to wait until someone is charged with something.

I still think the credit union movement is a great thing but has gone in askew by lending large amounts of money. It was designed as a type of co-op for get people over things, like getting back to collage or small house hold jobs or a car loan.

As someone said earlier it was the peoples bank.

martinn123

I think this article by Charlie Weston, sums up the mess that was RCU.

http://www.independent.ie/business/personal-finance/nobody-comes-away-clean-from-rotten-mess-35234805.html

Even though the reports are heavily redacted, they make clear that blank cheques were much in use, there were questionable expenses, there was personal use of credit union credit cards, and money laundering and tax evasion are also suspected.


Oh, and around €2m has gone missing.

LeoB

martinn123 wrote: »

I think this article by Charlie Weston, sums up the mess that was RCU.

http://www.independent.ie/business/personal-finance/nobody-comes-away-clean-from-rotten-mess-35234805.html

Love to know where Charlie got his information. He always seemed ahead of the posse in reporting. Maybe a one of the members raised this with him or tipped him off.

The Central Bank seems to have been too indulgent of rule-breaking Rush Credit Union for too long. When news of the mess broke in the Irish Independent, it then feared a disorderly collapse.

They were indeed and someone in there should be held accountable imo. They fckd up the banks and now this. And quite possibly more on the way.

All in all, it seems that Rush Credit Union was a rotten, stinking mess that deserved its fate.

He seems to have an issue judging by his use of language in this piece. People deserve what is coming, if there is any justice. But "it" being Rush C.U and its members did not deserve this mess thrown at them.

On the car draw a lot of people take cash alternatives. The car draw Im in is taken from my wages each week. So people dont actually hand out €100 for a ticket.

jwwb

martinn123 wrote: »

Appointment of Liquidator confirmed today by High Court

Some comment about 12 Cars bought for the draw, but they can't trace any winners.
Can't post a link as I am on IPad, perhaps someone can post link please.

Muppets.

The names of a couple of winners of cars are in the Archive News Section of the Rush CU website. Also interesting result if you search for "Rush Credit Union Vegas".

Board of Directors section is "Being Updated" but if you search http://web.archive.org/web/20161031183859/http://rushcu.ie/content.asp?section=62 you can see the archived versions of this page.

LeoB

jwwb wrote: »

The names of a couple of winners of cars are in the Archive News Section of the Rush CU website. Also interesting result if you search for "Rush Credit Union Vegas".

So people from all over Ireland went off on trips to conferences, nothing illegal in that. Not only credit unions do that as we know from various reports into councils junkets to various places around the world. I know my union host an annual conference which costs a lot of money but there are some fairly serious workshops at these. I have heard from a former member of a Credit union board who attended 2 overseas conferences there were some good workshops/ training. and some nights entertainment after a meal.
That Vegas photo of Gerry Foley is a real tabloid cheap shot. So he was away on a trip and went dancing. Id say worse is happening. I hear too many people jumping to conclusions and finding people guilty before they have been given a chance to defend themselves. That is unfair. Im not trying to defend anyone but would like to justice and fair play. Get this sorted and let the good people move on.

The focus here needs to be on sorting out the mess and holding to account prosecuting anyone who was involved in anything that is illegal. In that I include the people with responsibilities for regulating and governing credit unions.

jwwb wrote: »

Board of Directors section is "Being Updated" but if you search http://web.archive.org/web/20161031183859/http://rushcu.ie/content.asp?section=62 you can see the archived versions of this page.

I heard a few names today of people who won cars and holidays. The credit union did not offer a cash alternatives to car prize winners.

martinn123

LeoB wrote: »

The focus here needs to be on sorting out the mess and holding to account prosecuting anyone who was involved in anything that is illegal. In that I include the people with responsibilities for regulating and governing credit unions.

I agree on the illegality question, however anyone responsible for regulating Credit Unions will not be a feature in this
Remember the Bank Regulator, his punishment was a Lump Sum, and a fat Pension, so don't expect anything else on that front

I heard a few names today of people who won cars and holidays. The credit union did not offer a cash alternatives to car prize winners.

Not sure that's correct, my understanding is that the ''winner'' had the option of taking the cash equivalent, for the Car.
Probably how the '' winnings'' went missing, pull a fictitious name out of a hat, and use one of the alleged, blank cheques for the prize.

jwwb

LeoB wrote: »

So people from all over Ireland went off on trips to conferences, nothing illegal in that. Not only credit unions do that as we know from various reports into councils junkets to various places around the world. I know my union host an annual conference which costs a lot of money but there are some fairly serious workshops at these. I have heard from a former member of a Credit union board who attended 2 overseas conferences there were some good workshops/ training. and some nights entertainment after a meal.

The photo dates from 2010 as far as I can ascertain. Rush CU was not able to pay a dividend in 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 and is wound up in 2016. I have no problem with people attending conferences and know that they can be useful but from the current situation I think it acceptable to question the efficacy.

LeoB

martinn123 wrote: »

I agree on the illegality question, however anyone responsible for regulating Credit Unions will not be a feature in this
Remember the Bank Regulator, his punishment was a Lump Sum, and a fat Pension, so don't expect anything else on that front

Sadly you could be right. But I think and hope there are more regulations in place and until someone is held accountable people should not rest. Hopefully the journalists will go after them with with plenty of ink in their pens.

martinn123 wrote: »

Not sure that's correct, my understanding is that the ''winner'' had the option of taking the cash equivalent, for the Car.
Probably how the '' winnings'' went missing, pull a fictitious name out of a hat, and use one of the alleged, blank cheques for the prize.

From what I read in one of the links to an old page there was no cash alternative and this might be why the garage was named. Rush C.U only supplied the car, like a voucher.

jwwb wrote: »

The photo dates from 2010 as far as I can ascertain. Rush CU was not able to pay a dividend in 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 and is wound up in 2016. I have no problem with people attending conferences and know that they can be useful but from the current situation I think it acceptable to question the efficacy.

Fair enough jwwb. My point would would be publishing the picture in the article is leading to a lot of rumours which might be very unfair to any individual.

thewatcher78

LeoB seems loathe for any criticism of those people intrusted to run the credit union. Its amazing people who had literally no "money" background were in positions for years were they able to dictate who got loans yet they themselves were running the place with carte blanche to money launder and steal from fellow locals who they had the cheek to run the rule over.

I hear one of those who was up to his neck in it has resigned from his high profile role involvement with a local club which LeoB has great affinity with it. Those involved in this shameful fiasco should be named and shamed they cost people their livelihoods!!

Dizzyblonde

thewatcher78 wrote: »

LeoB seems loathe for any criticism of those people intrusted to run the credit union. Its amazing people who had literally no "money" background were in positions for years were they able to dictate who got loans yet they themselves were running the place with carte blanche to money launder and steal from fellow locals who they had the cheek to run the rule over.

I hear one of those who was up to his neck in it has resigned from his high profile role involvement with a local club which LeoB has great affinity with it. Those involved in this shameful fiasco should be named and shamed they cost people their livelihoods!!

Welcome to Boards.

It's clear that there were serious wrongdoings at the credit union and hopefully anyone involved will be brought to justice. Yes they should be named and shamed, but Boards is not the place to do it since we have a policy of not naming individuals who haven't been found guilty. Also, if you read the charter you'll see that attacking a post is fine but attacking a poster is not so please bear that in mind.

LeoB

thewatcher78 wrote: »

LeoB seems loathe for any criticism of those people intrusted to run the credit union. Its amazing people who had literally no "money" background were in positions for years were they able to dictate who got loans yet they themselves were running the place with carte blanche to money launder and steal from fellow locals who they had the cheek to run the rule over.

No I am not loathe of any criticism of people entrusted to run Rush C.U. I do however think people were wreckless with some of the stuff been posted. Most of the people involved with Rush C.U are very good decent people?

We do know a small number got the braNch into serious trouble which nobody knew about. A few had suspicions but were quelled if that is the right word. Professionals didn't spot any wrong doing until it was way to late. If people are found guilty they should be locked up. No problem there. But let justice take its course oh and lock up the people who are responsible for regulating them also. Some of the posts were highly inflammatory on social media.
This whole mess should never have got to this point. As has been stated further back in this thread Irregularities were flagged nearly 7 years ago and nothing was done about it! Central bank knew there were problems 6 years ago and done nothing so how were volunteers on a committee supposed to spot them?

IF you actually read my posts you might see I like anyone else wants to whole mess dealt with quickly. There are serious questions to asked of the central bank and regulators also. There were some very good staff members working there who might well be out of a job and again in previous posts I said I hoped this would be sorted out very quickly.The longer it drags on the worse it is for everyone.

thewatcher78 wrote: »

I hear one of those who was up to his neck in it has resigned from his high profile role involvement with a local club which LeoB has great affinity with it. Those involved in this shameful fiasco should be named and shamed they cost people their livelihoods!!

You heard right. But I heard it differently. May have been asked to resign might be closer to what happened. I am not on the management committee but still involved in juvenile section so dont know what the exact story is or how the resignation unfolded. I just got an email saying there was a resignation from the club. There was no way anyone in the club knew what was going on.


They cant be named and shamed, YET. Not until the investigation is complete. If they cost people their livelihoods the people need to be compensated. If they are found guilty of fraud they should be locked up. Like a lot of other local people I feel very sorry for the good staff who I know quite well. Their good names have been destroyed and this is so wrong.

martinn123

Both Buildings now for Sale

http://www.irishtimes.com/business/commercial-property/liquidators-seek-950-000-for-rush-credit-union-s-two-buildings-1.2895544

650K for Rush, and 300K for Lusk, if anyone is interested

LeoB

martinn123 wrote: »

Both Buildings now for Sale

http://www.irishtimes.com/business/commercial-property/liquidators-seek-950-000-for-rush-credit-union-s-two-buildings-1.2895544

650K for Rush, and 300K for Lusk, if anyone is interested

Sad day to see this Martin.

Spoke to 2 people yesterday and very interesting. One of them was so genuinely hurt at what has happened. Her husband was a committee member for years and she got upset, her voice quivering. She was telling me about getting bits of decorating done and buying their first computer.

The other person, like me found it hard to believe what was happening. He is self employed and said he would not be where is without their help. He did say it was easy to get a loan, (maybe that was part of the problem) and he could service his loans easily enough but felt young people would find it much harder to get start up money for business.

jwwb

Lusk Office now "Sale Agreed"

martinn123

jwwb wrote: »

Lusk Office now "Sale Agreed"

That was quick,

BTY, they should tell the Receiver to go in and turn off the ATM, lit up the other night, but I presume it's not working.:D

Wishbone Ash

jwwb wrote: »

Lusk Office now "Sale Agreed"

Heard tonight that Rush is also sale agreed. I'd be inclined to think both prices were too low to have sold so quickly.

(Excuse my ignorance but do the buildings belong to the members?)

The Hill Billy

The buildings would have been assets of the CU, which in turn was owned by the members via their shares. However, that would all have been turned on its head with the appointment of the liquidator.

martinn123

Charlie Weston ‏@CWeston_Indo 29 minutes ago

The High Court has approved the sale of the loan book and offices of bust Rush Credit Union to neighbouring Progressive Credit Union.

Looks like Progessive will be opening soon in Rush, with the loans, and property, transferred

Good News

http://www.independent.ie/business/irish/sale-of-rush-credit-union-premises-and-loan-book-approved-by-high-court-35427740.html

LeoB

Great news for Rush. The place looks lifeless when you go by it at moment.

dslamjack

I see the Rush Progressive Credit Union is completely renovated and now open for business.

cbreeze

dslamjack wrote: »

I see the Rush Progressive Credit Union is completely renovated and now open for business.

Rush members are delighted because they can now repay loans by direct debit from their bank accounts, which was not possible before. Hope that staff have been reemployed too.

Unshelved

Former Rush Credit Union manager banned from working in financial services

http://www.irishexaminer.com/breakingnews/ireland/former-rush-credit-union-manager-banned-from-working-in-financial-services-806395.html

Unshelved

Unshelved wrote: »

Former Rush Credit Union manager banned from working in financial services

http://www.irishexaminer.com/breakingnews/ireland/former-rush-credit-union-manager-banned-from-working-in-financial-services-806395.html

Butterly?
Any relation to the other infamous Butterly?

The Hill Billy

I don't know who you are on about, but we do try to keep the salacious gossip to a minimum in this forum.

tHB

The Hill Billy

The Hill Billy wrote: »

I don't know who you are on about, but we do try to keep the salacious gossip to a minimum in this forum.

tHB

Fair enough, my apologies

LeoB

It is common knowledge who is involved as it has been in all sections of the media. The "named" family name if you get me are quite a large family with the name common in North Dublin and they are active in a very positive way in local area.

The important thing is it has been dealt with and the Credit union is open for business.