New website to address Newbridge Credit Union members’ concerns

A new website addressing the concerns for the future of Newbridge Credit Union has been set up by four concerned members.

A new website addressing the concerns for the future of Newbridge Credit Union has been set up by four concerned members.

The website, www.whyisthishappening.net, was formed last week by CU members Ian Hennessy, Des Swan, John Munnelly and Alan O’Neill.

It maps out a series of sections including financial analysis, the credit union in context, Newbridge Credit Union and a letters category.

They describe themselves as ‘ordinary members of Newbridge credit union who have been asking questions from as far back as 2009’ and who ‘will continue to do so’.

“We have also started our analysis of Newbridge Credit Union itself starting with a series of articles on the power of context,” said Mr Hennessy.

“We compare NCU against its peers from the league of credit unions of Ireland of which it was a member.”

The website has also posted letters, written to the Registrar of CU and the Minister for Finance, online so viewers can read their questions.

In the letter sent to the Minister for Finance, Micheal Noonan on August 18 last the members slam the Regulator for not acting sooner in the case of Newbridge CU.

It refers to ‘the sweeping powers afforded to the Registar under the Credit Union Act 1997’ and askes the Minister if the Special Manager, installed in NCU since January, 2012, would be willing to work with a new Board of Directors with the support of NCU members to retain the credit union in Newbridge rather than merging with Naas or liquidation.

“The website is getting 25 to 30 hits a day,” said Ian.

“The question is why did the Board of Directors issue non tradional loans of €1m to members?”

The Leinster Leader was informed that Minister Noonan is currently on annual leave.