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 Post subject: Re: Credit Union bailout
PostPosted: Sat Jan 14, 2012 12:19 am 
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BlameGame wrote:
Hopefully it is someone off E&Y's Anglo Audit team XX


Quote:
The appointment of special manager Luke Charleton of Ernst Young under the Central Bank and Credit Institutions (Resolution) Act 2011 was approved by the president of the High Court, Mr Justice Nicholas Kearns.


http://www.irishtimes.com/newspaper/frontpage/2012/0114/1224310245967.html

Who's next - Roscrea? (was that the one with the builder/developer Chairman?)


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 Post subject: Re: Credit Union bailout
PostPosted: Sat Jan 14, 2012 1:19 am 
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Garda Credit Union used to give loans out via a txt messaging service
They also gave deposits for houses out as loans


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 Post subject: Re: Credit Union bailout
PostPosted: Sat Jan 14, 2012 8:44 am 
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http://www.irishexaminer.com/ireland/42 ... 80111.html

Quote:
AN outside expert brought in by the Central Bank to run a credit union whose financial status has given serious cause for concern will be paid an hourly rate of €423 for his expertise for an indefinite period.

In addition, the team of assistants that Luke Charleton of Ernst & Young brings with him to turn around the fortunes of Newbridge Credit Union (NCU) will be paid hourly rates ranging from €150 to €423. An industry source said these were going rates. The size of the team has yet to be agreed.


He is an insolvency guy not an auditor.
This is an example of the zero joined up government in Ireland. The Revenue Commissioners have a panel of experienced accountants who act as liquidators and work for 250-300 per hour.

Even still this job doesn't deserve more than 250 per hour at any time. In a receivership there is always a risk that an insolvency practitioner will get personally sued for his actions. He works without any limitation of liability, apart from the assets - and its a litigious business to be in so there should be a risk premium. But There is absolutely zero chance of any shareholder/creditor suing him here and the rate should be reduced to reflect the lower risk. And there should be a bulk discount.

€423 is an odd hourly rate. I bet it is negotiated as 90% of the standard rate of €470=423.
A 10% discount on such a huge rate is just not good enough.

Further proof of the CB's stupidity.


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 Post subject: Re: Credit Union bailout
PostPosted: Sat Jan 14, 2012 5:03 pm 
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Ah Newbridge Credit Union ! I just lurve Newbridge Credit Union, speaking as someone who came to within seconds of being sent to the cells for voicing concerns about them in open court. I just LURVE them.

Not incidentally a member of the Iirish league Of Credit Unions but of CUDA The Credit Union Development Association.

What a worthy body Mr Copperfield ! Makes you fell ever so umble to even know of them !

No doubt we will habe a new body CUNT : Credit Unions Not Teling


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 Post subject: Re: Credit Union bailout
PostPosted: Sat Jan 14, 2012 5:46 pm 
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The central bank usually posts their affidavits online after some delay.
I'd be interested to see what this one says if it ever sees the light of day.

http://www.newbridgecu.ie/content.asp?section=72
Quote:
A Director of Newbridge Credit Union, Ben Donnelly is a member of the CUDA National Council. In addition the Manager of Newbridge Credit Union, Desmond Diver is also a member of the CUDA Management Committee


http://www.newbridgecu.ie/content.asp?section=71

Quote:
Board of Directors L-R Back Row: Michael Murphy, Patrick Ruddy, Paddy O'Carroll, Desmond Diver, Paul Maher, Ben Donnelly,Liam Keogh, Joseph Murphy
L-R Front Row: Aine Foley, Maria McDonald, Patrick Ryan, Anna Munko, Breda Reid.
Missing from photo - Michael Mullally


http://www.leinsterleader.ie/news/local ... _1_1938675

Quote:
However, there was significant disquiet when he admitted, in response to a question from a shareholder, that the biggest individual loan was "in excess of a million"


Quote:
Gavin McCluskey from the auditor firm Grant Thornton was full of praise for the board and their action. He said that the 1% did not mean that "Credit Union was weak. In fact, quite the contrary"


Ha Ha priceless.


http://www.boards.ie/vbulletin/showthre ... 2056097542

Quote:
I've been looking at Newbridge Credit Union accounts for this year in advance of the AGM next Thursday night in Ryston Sports and Social Club. It seems that the credit unions directors and management may have some very serious questions to answer even though they say they will pay a dividend this year of 1.5%.

Bad debts have dramatically increased from €5m in 2008 to €20m this year without any reasonable explanation in the accounts. This is 14.3% of loans. I am also a member of another credit union which slightly smaller and its bad debts are only 4% of loans. Newbridge Credit Union's chairmans report is quite odd – the massive provisions aren’t even mentioned!


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 Post subject: Re: Credit Union bailout
PostPosted: Sat Jan 14, 2012 5:58 pm 
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Mr Michael Murphy member of the Board of NCU is also the same very large furniture & furnishings retailer in Newbride & New Ross and quite a busy man about town.

The venue for the AGM of course will accommodate some few hundred people out of a membership of 38,000 :x


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 Post subject: Re: Credit Union bailout
PostPosted: Sun Jan 29, 2012 10:15 pm 
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I have noticed quite a few pro-credit union propaganda adverts on the tv recently.
There was also a very soft piece in the Sunday Times today on how great credit unions are.


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 Post subject: Re: Credit Union bailout
PostPosted: Sun Jan 29, 2012 11:14 pm 
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BlameGame wrote:
I have noticed quite a few pro-credit union propaganda adverts on the tv recently.
There was also a very soft piece in the Sunday Times today on how great credit unions are.


I heard a horror story about two years ago via a friend but I am not sure who is enduring the horror.

They knew of a couple who easily over borrowed from the Credit Union and also had a bubbelicious gaff or investment property of some description which they could hardly afford. Ma was involved somehow either living with or was a co guarantor for house loan. Well anyways they encountered a spot of luck and won a car or something via the same local credit union in a draw. Decided to ask for money instead and I believe woz granted their wish.

So you would guess they used the money to pay off CU loan and CC debt or whatever... no you guessed again.... Spent it on a _wait for it_ a new car, a holiday and shopping spree!

Fairplay to them I say 8DD XX :-GC

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 Post subject: Re: Credit Union bailout
PostPosted: Mon Jan 30, 2012 8:44 am 
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Open Window wrote:
BlameGame wrote:
I have noticed quite a few pro-credit union propaganda adverts on the tv recently.
There was also a very soft piece in the Sunday Times today on how great credit unions are.


I heard a horror story about two years ago via a friend but I am not sure who is enduring the horror.

They knew of a couple who easily over borrowed from the Credit Union and also had a bubbelicious gaff or investment property of some description which they could hardly afford. Ma was involved somehow either living with or was a co guarantor for house loan. Well anyways they encountered a spot of luck and won a car or something via the same local credit union in a draw. Decided to ask for money instead and I believe woz granted their wish.

So you would guess they used the money to pay off CU loan and CC debt or whatever... no you guessed again.... Spent it on a _wait for it_ a new car, a holiday and shopping spree!

Fairplay to them I say 8DD XX :-GC

I don't know what your game is blaming the poor when it is clearly evil bankers that are at fault...

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 Post subject: Re: Credit Union bailout
PostPosted: Mon Jan 30, 2012 10:57 pm 
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yoganmahew wrote:
Open Window wrote:
BlameGame wrote:
I have noticed quite a few pro-credit union propaganda adverts on the tv recently.
There was also a very soft piece in the Sunday Times today on how great credit unions are.


I heard a horror story about two years ago via a friend but I am not sure who is en
during the horror.

They knew of a couple who easily over borrowed from the Credit Union and also had a bubbelicious gaff or investment property of some description which they could hardly afford. Ma was involved somehow either living with or was a co guarantor for house loan. Well anyways they encountered a spot of luck and won a car or something via the same local credit union in a draw. Decided to ask for money instead and I believe woz granted their wish.

So you would guess they used the money to pay off CU loan and CC debt or whatever... no you guessed again.... Spent it on a _wait for it_ a new car, a holiday and shopping spree!

Fairplay to them I say 8DD XX :-GC

I don't know what your game is blaming the poor when it is clearly evil bankers that are at fault...

+1

some Credit unions use bullying and intimidating methods to get their money back.
they lean on people the most as they are unsecured creditors and are last in line to get paid
i certainly would not want to own money to them
it suits the powers that be to turn people against each other

The moneyed interests have done quite a successful PR job in refocusing the national discussion on priorities involving social issues, and the reform of the support systems for the weak, the unfortunate, and the elderly. Turning one group against another, and objectifying your intended victims through slogans and stereotypes, has always been an effective method of bending the herd to your will.

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 Post subject: Re: Credit Union bailout
PostPosted: Tue Jan 31, 2012 1:40 pm 
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Waterford Credit Union registered a 650k judgement this week :shock:


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 Post subject: Re: Credit Union bailout
PostPosted: Tue Jan 31, 2012 8:26 pm 
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BlameGame wrote:
Waterford Credit Union registered a 650k judgement this week :shock:


Any link ? XX

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Now the builders have dropped their prices by 20 per cent, and the banks' valuers drop them by another 20 per cent.
For now, we are stuck with a system which allows troubled banks to post their keys through the taxpayers’ door and walk away.


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 Post subject: Re: Credit Union bailout
PostPosted: Tue Jan 31, 2012 8:46 pm 
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johnnyone234 wrote:
The moneyed interests have done quite a successful PR job in refocusing the national discussion on priorities involving social issues, and the reform of the support systems for the weak, the unfortunate, and the elderly. Turning one group against another, and objectifying your intended victims through slogans and stereotypes, has always been an effective method of bending the herd to your will.
Slogans and stereotypes like 'moneyed interests'? Gotcha.

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 Post subject: Re: Credit Union bailout
PostPosted: Tue Feb 14, 2012 6:42 am 
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Credit unions run to court as arrears hit €1bn mark - Charlie Weston -> http://www.independent.ie/national-news ... 18266.html

Quote:
Credit unions are taking an increasingly heavy-handed approach to those in debt, it has emerged.
Struggling consumers have been hit with debt judgments worth €3m in the past week, with credit unions taking more of the actions than banks and other creditors.
The co-operative lenders are opting to take members to court to force the repayment of an outstanding loan, with the average value being €7,000.

there is more

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 Post subject: Re: Credit Union bailout
PostPosted: Wed Jun 06, 2012 8:35 am 
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If you have any money in a credit union, now may be the time to move it elsewhere.
Kilorglin credit union has required a bailout (to date) of 8.6 million. In any other times, this would have been a national scandal, but these days its small beer.

http://www.independent.ie/business/irish/multimillion-euro-bailout-for-credit-union-that-recorded-loss-of-86m-3130587.html

Quote:
There have been 28 credit unions bailed out by the league's savings protection scheme fund. This has meant that €66m of the €80m fund has been spent.


This implies that there is only 14 million available for bailouts of other credit unions, after that who knows?
Remember the people defaulting on many of these loans are your friends,family and neighbours. If and when a credit union finally goes to the wall, it is going to result in much rancour. Deposits are supposedly guaranteed by the government, but whether funds will be available for this may be questionable.

This whole credit union business is a microcosm of why ireland is in the state its in. Lax controls, easy lending, poor investment, sucker depositors and no moral hazard for anybody involved.

Warning**** Get your money out now Warning****

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