Central Bank says still no date for Newbridge AGM

Newbridge Credit Union building
It’s 18 months since a special manager took charge at Newbridge Credit Union and frustration is growing at the lack of progress.

It’s 18 months since a special manager took charge at Newbridge Credit Union and frustration is growing at the lack of progress.

Last week the Central Bank sent a reply to a letter from the Kildare Area Committee confirming a date still hasn’t been set for an AGM.

Cllr. Fiona O’Loughlin told the July 17 Kildare Area Committee meeting; “We have a situation where there is no information as to why this situation has arisen. I accept they are working hard to resolve the matter, but we have no time line as to when it will be sorted out,” she said.

She said the members and staff were operating in a “total abyss”.

The area committee wrote to Matthew Elderfield, the Central Bank’s Deputy Governor on foot of a request from Cllr. O’Loughlin in June.

A response came from Sharon Donnery, Registrar of Credit Unions at the Central Bank.

She said she understood the concerns of the committee.

“However, I would reassure the members that the Central Bank is working proactively in seeking to deliver a resolution for NCU that is in the best interest of members of NCU. Until a resolution has been delivered, the Central Bank is not in a position to provide further details to the members of the Kildare Area Committee of the resolution options that are being considered.”

The letter concluded; “The Central Bank has discussed with the Special Manager the question of the AGM and does not consider that it is appropriate for an AGM to be held at this time,”

Newbridge Credit Union has not held an AGM since 2011 and is currently under the stewardship of special manager, Luke Charleton and his team of experts from Ernst & Young.

Minister for Finance Michael Noonan previously told the Dail that this action was taken “to strengthen Newbridge Credit Union, protect members’ savings and ensure that Newbridge Credit Union can continue to operate effectively, providing financial services to the local community .”

Maynooth Credit Union is the only 0ther Credit Union in the county which has not had an AGM in 2012.

The total fees paid to Mr Charleton and his team are expected to exceed €2m. They did agree to drop their fees by €55,000 in April. Meanwhile, life goes on at Newbridge Credit Union as the members continue their wait.

- Niamh O’Donoghue