No AGM is best for members - Newbridge Credit Union

The Central Bank has stated that it is in the members of Newbridge Credit Union’s interest not to hold an AGM this month.

The Central Bank has stated that it is in the members of Newbridge Credit Union’s interest not to hold an AGM this month.

This will be the second year in a row that no AGM will be held at the Credit Union since its management was taken over earlier this year by special manager Luke Charleton of Ernst and Young.

“The Central Bank is seeking a solution in the members’ interest, which is best preserved by maintaining confidence,” said spokesperson Paul Gray of the Central Bank.

The lack of an AGM has caused concern locally with Kildare South TD Martin Haydon raising the issue in the Dail recently.

However the Central Bank could not be drawn on when if or when members will be informed on a definite time frame for an AGM.

Meanwhile one of the major implications for Newbridge Credit Union in its current state is that it may be merged with a “stronger” credit union such as Naas. It was decided by the High Court to appoint the special manager in January on behalf of the Central Bank because the Credit Union did not hold sufficient reserves to withstand expected heavy losses from loan defaults.

- Paula Campbell