FINANCIAL REGULATOR INVESTIGATES TUAM CREDIT UNION

Date Published: 06-Jan-2011

The Financial Regulator is investigating the credit union in Tuam, which gave out millions in commercial and property development loans.

Matthew Elderfield is concerned about loans given by St. Jarlath’s Credit Union since 2007.

According to today’s Irish Independent, many of the loans were approved by Councillor Tom McHugh who was Chairman of the credit union.

The investigation will see if the credit union lent more money that regulations allowed.