East London Credit Union

The East London Credit Union: some new facts, but confusion, maybe evasion, persists

 Last month, LBWF divulged some more information about its subsidisation of the now collapsed East London Credit Union (ELCU). The focus is on a large grant that LBWF awarded to ELCU in 2015 in order to help it support vulnerable residents and small businesses. Previous references to this grant were both contradictory and deficient as to important details. In a book published during 2017, a chapte... »

The East London Credit Union’s collapse: major new revelations, and the bad odour intensifies UPDATED

As previous posts (referenced below) have pointed out, the collapse into administration on 11 September 2019 of that longstanding LBWF favourite, the East London Credit Union (ELCU), has left many questions unanswered. Gradually however, new information is trickling out, and some of it, to say the least, is both startling and deeply worrying, particularly about what has been going on in the Town H... »

Cllr. Paul Douglas and the East London Credit Union: confusion reigns

As a previous post pointed out (see link below), the demise of LBWF’s beloved East London Credit Union (ELCU) throws up a number of as yet unanswered questions. Some recent correspondence adds to the confusion. On 26 September 2019, I wrote to LBWF’s Director of Governance and Law, Mark Hynes, as follows: ‘Dear. Mr. Hynes, As of today, Cllr. Paul Douglas’s register of inter... »

The East London Credit Union crashes into administration, leaving several important questions unanswered

On 11 September 2019, the East London Credit Union (ELCU), trading as the Waltham Forest Community Credit Union, collapsed into administration. Simultaneously, the UK Financial Services Compensation Scheme announced that it was stepping in to safeguard ELCU’s 5,500 members’ deposits, valued at £2.25m, and most could expect like-for-like payment within a week. The administrator, LBWF, and the East ... »