A Garda investigation is under way into alleged fraud at Limerick and District Credit Union.
The alleged fraud came to light last summer and was reported to the Garda by the credit union’s chief executive Caroline Long.
Ms Long told The Irish Times, “When, in 2024, the credit union became aware of a financial irregularity we immediately contacted the regulatory authorities, a full independent review was carried out and a report made to An Garda Síochána.
“Members’ savings were unaffected, and the credit union is insured to deal with matters of this nature.”
Details of the amount of the alleged fraud were not disclosed, but it is understood to be in the region of €130,000.
A spokesman for the Garda Press Office said, “Gardaí have received a report of an alleged incident of fraud at a financial institution in Limerick on 14th June, 2024. The investigation is ongoing.”
Neither the Central Bank nor the Irish League of Credit Unions were prepared to confirm or deny the investigations on Friday.
The Central Bank said it “cannot comment on our supervisory engagement with firms or any specific investigations”.
A spokesman for the Irish League of Credit Unions said the body “does not comment on individual credit unions”. However, he said the security of depositors′ funds would not be affected by such an incident.
Limerick and District Credit Union has in the region of 47,000 members and assets of more than €147 million. In addition to savings and loans, the union offers full service current accounts with debit cards and online banking.
Limerick and District Credit Union has branches at Caherdavin, William Street, St Patrick’s Road and Dooradoyle.
