The High Court has approved the transfer of Howth Sutton Credit Union to Progressive Credit Union following an application by the Central Bank.

The credit union, located on Main Street in Howth, Co Dublin, would continue to operate as normal following the transfer.

Progressive Credit Union was formed last year after the transfer of Skerries and Donabate credit unions to Balbriggan Credit Union.

The latest transfer to the organisation came after the Central Bank said the HSCU was no longer viable as a standalone institution.

The Central Bank said the transfer was supported by the HSCU’s board and stressed that its members’ funds would be protected following the move.

Commenting on the move, the Irish League of Credit Unions said the HSCU’s recent financial situation had come about largely due to factors outside of its control, in particular a significant drop in the value of its premises in Howth.

The league also said it was important to recognise the work of the credit union’s volunteers who serve its more than 3,000 members.