The Hibernian Catholic Benefit Society is a
friendly society
A friendly society (sometimes called a benefit society, mutual aid society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual org ...
in
New Zealand
New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...
, with a former associated
credit union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...
. It was created in 1869.
After a large case of fraud occurring over several years through the early 2000s, in which an employee stole an estimated $1.24 million in society money, the associated credit union had to be wound up, and the society had to default on a large amount of the moneys held for its depositors. However, the society noted that it would continue to exist and strive to fulfill its aims.
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References
External links
Official link
Banking in New Zealand
Friendly societies
Religious organisations based in New Zealand
Catholicism in New Zealand
1869 establishments in New Zealand
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