Credit union AGM still on hold

NEWBRIDGE Credit Union has refused to comment on rumours that it is in financial difficulty despite a lengthy delay with the finalisation of it’s year end accounts, writes Paula Campbell.

NEWBRIDGE Credit Union has refused to comment on rumours that it is in financial difficulty despite a lengthy delay with the finalisation of it’s year end accounts, writes Paula Campbell.

The Central Bank, which is currently auditing the Newbridge Credit Union end of yea raccounts, confirmed that they have asked the Credit Union to postpone its AGM in order that ‘this work is completed’.

“The Central Bank is engaged with Newbridge Credit Union in relation to the finalisation of its end year accounts,” confirmed Peadar Hayes, Press Officer for the Central Bank of Ireland. “We have asked it to postpone its AGM in order that this work is completed. Any actions taken by the Central Bank are taken in the interests of credit union members and their savings,“Members’ savings are covered by the statutory Deposit Guarantee Scheme up to €100,000 per member.”

When this paper contacted the Credit Union it was referred to the following announcement which was posted on their website last month: “Newbridge Credit Union normally holds its AGM in November/December each year. This year we have encountered some delays in finalising the audit and obtaining approval from the Registrar of Credit Unions, to produce an Annual Report and arrange the AGM. These discussions are on-going and once complete the AGM will be held in the New Year. All members will be circulated with a copy of the Annual Report and notified of the AGM.”

Newbridge Credit Union is one of the largest in the country with 30,000 members. It has steadily reduced it’s dividend to savers over the last few years since 2008 when it paid out a generous 4.5 percent to mark it’s 40th anniversary. At the end of 2010 that figure was reduced to 1.5 per cent while the figure for the end of the year 2011 remains to be seen.