6th February 2017: Sale of Loans to Progressive Credit Union

The Joint Liquidators of Rush Credit Union Limited (In Liquidation), Jim Luby and Tom Rogers, wish to confirm that the majority of members’ loans have been sold to Progressive Credit Union.

The sale was approved by the High Court on 6 February 2017 and will take effect on Thursday 9 February 2017.

Rush Credit Union is in the process of writing to all members whose loans have been sold and Progressive Credit Union will also be in touch in due course to provide new payment instructions and contact details.

Transition Arrangements:

Opening hours for the Credit Union Office at Rush for the remainder of this week are as follows:

Tuesday       7 February: 9.30 a.m. – 4.30 p.m. (Closed for lunch 12.30 – 1.30)

Wednesday   8 February: Office Closed

Thursday      9 February: 9.30 a.m. – 12.30 p.m.

Friday         10 February: Closed

Progressive Credit Union have also reached agreement to acquire the Credit Union Offices at Rush and Lusk. The Rush office will re-open for business on Monday 13 February 2017.

The Joint Liquidators and their staff would like to thank all members for their support and co-operation during the liquidation process.

10th November 2016: Deposit Guarantee Scheme Compensation Payments Issued

Following the invocation of the Deposit Guarantee Scheme (DGS) on 2nd of November 2016, the DGS has today issued compensation payments by cheque to approx. 9,700 members of Rush Credit Union. The total amount of compensation paid to date amounts to €22.3 million, representing 98% of deposits covered by the Scheme. Members should start receiving their payments from 11th of November 2016. In certain cases the DGS may need some additional information before compensation payments can be made. For example, a Change of Address Form must be submitted prior to issuing payments to depositors where current address details were not available to the Credit Union. The DGS Change of Address Form can be found in the Forms Section of www.depositguarantee.ie.

2nd November 2016: Joint Provisional Liquidators Appointed

McStay Luby Chartered Accountants wish to confirm that by Order of the High Court, Jim Luby and Tom Rogers were appointed as Joint Provisional Liquidators of Rush Credit Union Limited with effect from 4 pm today, Wednesday 2 November 2016.

All eligible members’ shares / deposits will be repaid in full under the Deposit Guarantee Scheme. Arrangements are being made to ensure this happens as quickly as possible.

The Central Bank of Ireland have posted a listing of questions and answers which address the Deposit Guarantee Scheme and other queries relevant to the credit union and the provisional liquidation which are available here www.depositguarantee.ie

Enquiries from members of Rush Credit Union Limited should be addressed to the Joint Provisional Liquidators’ staff and / or Credit Union staff by telephoning 01 843 7584 or 01 676 3566 or by email to rescue@mcstayluby.ie.

Updated Opening Hours – Rush Credit Union

Revised Opening Hours – Loan Repayments ONLY

The Rush branch of Rush Credit Union Limited will re-open the week commencing 7 November 2016 for the opening hours set out below.

This is to facilitate loan repayments and the setting up of standing orders for future loan repayments only.

Withdrawals cannot be facilitated and members’ eligible shares / deposits will be repaid via the Deposit Guarantee Scheme (subject to the ceiling of €100,000).

The Lusk office will not re-open.

General enquiries should be made by phone to:

01 843 7584 or 01 676 3566.

Rush office opening hours:

Mon, Tues & Thurs: 9.30 a.m. – 4.30 p.m.

Friday: 9.30 a.m. – 6.00 p.m.

Saturday: Closed