For these loans, there would have been accrued interest on the outstanding loan balance when members topped up their loan. This accrued interest was due and owing to the credit union in accordance with the terms of the previously issued credit agreement. However, while the accrued interest was noted in the credit agreement, the document issued did not fully reflect the amount in all relevant sections.

We have reviewed this matter, and whilst we are satisfied that there was no overcollection of interest, we are refunding affected members the accrued interest amount as a goodwill gesture in recognition that the total amount repayable on the credit agreement was not as clear as it should have been.

A refund will be credited to affected member accounts on the 26/01/2023. It is not necessary for members to take any action in respect of this matter.

We are writing directly to all affected members that are owed a refund of €5 or more.