FORMER CHAIRMAN OF TUAM CREDIT UNION DEFENDS LOANS

Date Published: 06-Jan-2011

The former chairman of the credit union in Tuam, Councillor Tom McHugh, has said every loan given out by the credit union was 'above board'.

The Financial Regulator, Matthew Elderfield, is investigating St. Jarlath's Credit Union over concerns about commercial and property loans since 2007.

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

The inquiry will also focus on whether or not proper procedures were followed when loans were issued to directors.