A small demonstration took place at the opening of the new Naas Credit Union Branch in Monread on Saturday by a local action group from Newbridge.
A handful of members of the Newbridge Credit Union Action Group turned out carrying ‘Hands off Newbridge Credit Union’ banners to protest against a proposed merger with Naas CU.
The Naas CU Board of Directors expressed an interest with the Central Bank in merging with their financially strapped Newbridge counterpart last April.
However there has been huge local resistance to the proposal and an alternative plan has since been drawn up by the action group. Meanwhile it was reported in a national newspaper at the weekend that the Board of Directors in Naas may no longer be interested in a link up, after it emerged that the bail out for NCU could cost tax payers up to €70 million.
Press Officer for the Minister for Finance, Mary Larkin, however told the Leinster Leader that no official figures on the cost of the bail out have been released as it remains subject to confidentiality under the High Court process.
The merger has yet to be approved by directors of Naas, who have the power to do so on behalf of its members, however the Central Bank is hoping for a December timeframe for the two to combine.
The Leader understands that Naas CU is awaiting a Central Bank report prior to considering any possible merger. A source told the Leader that Naas CU is maintaing a ‘neutral holding position’.
NCU Action group is holding a meeting of all members and interested parties in Ryston Club Newbridge on this Wednesday at 8pm. All known details of the proposed merger will be discussed and members will also be updated with information on the current strategy being pursued.