The Central Bank says it has completed the process of refunding depositors of Berehaven Credit Union.

Yesterday, the bank confirmed that it had paid out €10 million to 3,100 depositors, representing 85% of the total.

Today it said it had issued cheques to the value of €1 million to another 400 members, completing the process.

The credit union was placed into liquidation last week.

The Central Bank also confirmed that Bantry Credit Union has opened a sub-office in the former premises of Berehaven Credit Union on agreement with the liquidator.

It will offer services to the people of the Beara Peninsula who were left without a credit union after the liquidation last week.