Tramore Credit Union members were left wondering at their AGM last week about the identity of a solicitor responsible for a bad debt of €120,000.
The meeting was informed that the sum was owing to the Union by a solicitor acting on behalf of a client who had acquired a bridging loan for the amount. The client was an innocent party in the matter.
Branch manager Mr. John Culbert, contacted by this newspaper, declined to comment on the situation, stating that the meeting had been a private one. However, we have ascertained that the solicitor concerned is Dublin based, which in the light of recent allegations against two solicitors in the capital, raises obvious queries.
The sum at issue brought to €297,000 the bad debt total for the year up to the end of September last. The corresponding figure for the previous year was €143,000, €38,000 of which was recovered. Some €78,000 was recovered this year. Either way, the amount is very small compared to the total given out in loans for the period.
The declared dividend of 2.75 p.c., less €13 death benefit, is low owing to the cost of building work at Crooke and Dunmore East and the purchase of two houses at Lodge’s Corner in Tramore. The Union also contributed €5,000 to the Dunmore Trawler Disaster Fund.
The meeting was held in the Grand Hotel on Wednesday night.