The Irish League of Credit Unions (ILCU) and Maynooth Credit Union have asked the High Court to direct that their challenge to regulatory directions issued on behalf of the Central Bank should be heard in open court and not in private.
The directions, issued by the credit union regulator last April, relate to reserves, liquidity and loan limits.
The Central Bank and regulator have brought High Court proceedings saying one of those directions has not been complied with. They want the matter heard in private on grounds of “commercial sensitivity” of some of the information involved.
The ILCU and Maynooth Credit Union yesterday asked the president of the High Court, Mr Justice Nicholas Kearns, not to allow an in camera hearing. They argued there is no statutory provision for such a private hearing and the Constitution required that justice be administered in public except in certain circumstances provided by law.
Mr Justice Kearns has ordered that reporting restrictions should apply until he rules on the in camera issue.
The application continues today.
