Full investigation pledged into stricken credit union’s collapse

Sue Galloway, a former Lord Mayor of York, had been a saver with the credit union since 2006

Sue Galloway, a former Lord Mayor of York, had been a saver with the credit union since 2006

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SENIOR politicians have pledged to carry out a full investigation following the collapse of a Yorkshire credit union after it emerged it had been plagued by severe financial difficulties for the last two years.

More than 5,700 savers have been affected after the North Yorkshire Credit Union was placed into liquidation last week after accruing outstanding debts of more than £400,000 since it was launched three years ago.

York Council’s cabinet and North Yorkshire County Council’s executive will both meet today when members are expected to agree contributions to an emergency financial package totalling £100,000 to establish a new credit union which is due to be operating later this month.

 

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