Newbridge Credit Union action group to meet Central Bank over rescue plan

Newbridge Credit Union - the directors have blamed the Central Bank.
The Central Bank has agreed to meet with the Newbridge Credit Union Action Group on Friday, November 1 to discuss the group’s proposal for restructuring Newbridge Credit Union.

The Central Bank has agreed to meet with the Newbridge Credit Union Action Group on Friday, November 1 to discuss the group’s proposal for restructuring Newbridge Credit Union.

“The meeting is scheduled in the Central Bank,” said Nicola Faulkner of the Central Bank. “It is a private meeting and only open to nominated representatives of the Group to attend.”

The Chairman of Newbridge Credit Union Action Group, Willie Crowley in a statement released to the Leinster Leader confirmed that confirmation was received from Sharon Donnery, The Central Bank’s Registrar of Credit Unions, confirming that the Governor, Professor Patrick Honohan has agreed to facilitate a meeting with officials of the Central Bank and the Action group.

“The Action group have held several meetings this week to discuss plans to accelerate their campaign.

“They also discussed how rejection by the Central Bank of their alternate plan and pursuing any other option in relocating or merging Newbridge Credit Union [with Naas Credit Union] could potentially cost upwards of €100 million to the taxpayer and would result in countless millions of euro in indirect losses to businesses in Newbridge. The group maintain that adopting their plan could potentially entail no cost to the taxpayer,” said Mr Crowley.

The action group also stated that the likely collateral damage to the community if Newbridge Credit Union merges with Naas will hit local businesses and voluntary groups the hardest.

They also raised concerns about claims of the potential acceleration of moneylenders’ activities in the area if the tradtional credit facilities are withdrawn from members relying on the Credit Union.

However the Central Bank has always been keen to stress that a branch of the credit union will remain open to members in Newbridge if the proposed merger with Naas goes ahead next month.

A number of approvals are required before the merger is given the green light, namely Naas board approval, as well as the Central Bank, the Minister for Finance and the High Court.

Meanwhile a campaign is currently underway by the action group to enlist the support of all businesses via a declaration of support to keep the Credit Union in Newbridge and to forward it to the Taoiseach.