Call for answers at Newbridge Credit Union

A Newbridge Town Councillor has called for the council to write to the Minister for Finance, Michael Noonan, TD, and seek the immediate removal of the Newbridge Credit Union special manager, Luke Charleton of Ernst & Young, from his role.

A Newbridge Town Councillor has called for the council to write to the Minister for Finance, Michael Noonan, TD, and seek the immediate removal of the Newbridge Credit Union special manager, Luke Charleton of Ernst & Young, from his role.

The latest fees sought by Mr Charleton for his team, who were first appointed by the Central Bank in January 2012 to protect members savings, amount to €563,000 from June 2012 to January last.

The directors of Newbridge Credit Union are currently objecting to this application in the High Court. The the case has been adjourned until this Wednesday, April 17.

The fees relate to the period from June 2012 to January last. If approved, the 37,000 members of the credit union will have paid more than €1.3 million arising from the special manager’s appointment by the Central Bank last year.

Cllr Pat Black described the situation at the local financial institution as “serious”.

“We need to write to the three TDs in Kildare, Martin Hayden, Sean O’Fearghail and Jack Wall requesting them to support Newbridge Credit Union to have this man removed as quickly as possible,” he said, speaking at last week’s Newbridge Town Council meeting.

Cllr Willie Hamilton supported the proposal, adding that the council should “demand something be done about the amount of money this man is being paid”. Cllr Mick Deely said that it was the company, which in this case is Ernst & Young, “who were making an absolute killing”, rather than the special manager.

Cllr Damian Molyneaux agreed, adding that “nobody knows what the special manager’s brief is”. Cllr Emma Kiernan said: “We want an answer, it is in everybody’s interest.”

- Paula Cambpell