No personal data has been compromised as part of the on-going merger process between Newbridge Credit Union and Naas, according to the Central Bank.
A Central Bank spokesperson explained that representatives of Naas Credit Union – who made a proposal to merge with Newbridge Credit Union (NCU) to the Central Bank in April 2013 – are bound by confidentiality as part of the merger process.
“Representatives of Naas Credit Union, who are undertaking a due diligence process in Newbridge Credit Union, are bound by confidentiality and non-disclosure requirements, which ensure that no personal data has been compromised,” said Ronan Sheridan of the Central Bank.
“All parties involved in the proposed combination remain conscious of the obligations under the Data Protection Acts 1988 and 2003 and the Central Bank and Credit Institutions (Resolutions) Act 2011 and will continue to comply with all such obligations.”
Meanwhile a number of proposals – including one from the Newbridge Credit Union (NCU) Action Group – were handed in last week to the Central Bank in a bid to stop the proposed merger with Naas.
NCU Action Group presented their proposal for the future of their Credit Union to the Minister for Finance, Michael Noonan – via Martin Heydon TD – on Tuesday 8 October at Leinster House.
The Central Bank has since confirmed to the Leinster Leader that they had received it and has promised to review it.
However, it stated recently that NCU would not be recaptialised on a stand-alone basis from public funds – adding that the only two options available to the Central Bank under the 2011 Act in relation to Newbridge Credit Union were transfer to Naas or liquidation.
The NCU Action Group rescue plan, which was prepared in conjunction with Financial Restructuring Consultant, Greg Allen, outlines measures which, the Group claims, would deliver significant savings to the taxpayer and prevent the proposed merger with Naas.
The Group have yet to disclose the plan in full to the 37,000 members of NCU, 28,000 of whom are listed as active.
Elsewhere, according to a recent report in the Irish Times, the Irish League of Credit Unions (ILCU) together with Maynooth Credit Union, is taking a judicial action against the Central Bank on Wednesday after expressing concerns that the CB was acting beyond its powers in an attempt to introduce ‘significant consolidation’ accross the sector.
The Central Bank has applied to the courts to have the review heard in camera, but the ILCU wants it to be heard in open court.