Athlone Credit Union fails to elect watchdog

A special general meeting (SGM) of Athlone Credit Union has been adjourned without electing a new board oversight committee.

The meeting, which took place on Wednesday, was called after the internal committee of the credit union resigned after voicing concerns over the governance issues at the financial institution.

A spokesperson for the Irish League of Credit Unions (ILCU) said: "The SGM was called to elect a new board oversight committee. The meeting was adjourned without the election being completed. The credit union will now work with the Central Bank to schedule a new meeting. Members will be advised directly of a new date and time . . . The ILCU cannot discuss any further an individual credit union's SGM."

It is understood Athlone Credit Union, which has about 16,000 members, is disputing the claims made by the oversight committee.