Liquidators have been appointed to Rush Credit Union in north County Dublin - which was today revealed to be insolvent to the tune of €2.2 million.

The Central Bank has revealed that while all credit unions are required to keep the equivalent of 10% of their assets in a cash reserve, Rush's reserve stood at -8.7%.

The union would have needed well €4.73 million to bring it up to the 10% legal minimum requirement, which it had been ordered to meet several times.

The figure also indicates that the credit union was insolvent to the tune of €2.2 million.

It says there were significant governance issues at the credit union, including a shortage of skills at board level, and poor oversight.

The Central Bank has also published a report outlining the reasons for seeking the appointment of liquidators, including the findings of a preliminary review by Grant Thornton.

That review has found that although the credit union spent €€220,000 on 15 different car draws between 2010 and 2014, it can't find the details of any of the winners.

And in a striking finding, it says those car draws were partly funded by making unauthorised deductions from members' accounts, without either their knowledge or consent.