For the second time in a row, the financially troubled Newbridge Credit Union cannot call an AGM or issue dividends until the end of the year accounts are approved by the Registrar of Credit Unions.
“A decision on the holding of an AGM requires that the Registrar of Credit Unions confirm they approve the end of year accounts,” said special manager Luke Charleton of Ernst & Young who is being paid €375 per hour to run the Credit Union until January 2013.
“By law and also specifically section 8c of the Special Management court order, no AGM can be held or arranged without this confirmation from the Central Bank in advance. Members will be informed if such approval is received. However as we would require this approval from the Registrar’s office first, it is not appropriate to announce any decision on the holding of a general meeting at this time.”
The Central Bank confirmed that that no date for the AGM has been set as issues are still being resolved at Newbridge Credit Union. “Some of these issues are of a commercially sensitive nature and at this point in time members’ interests are best served by maintaining confidentially around these issues,” a statement said.
- Paula Campbell