Naas Credit Union has emerged from the debacle surrounding the doomed Newbridge CU with some credit.
Many members, some of whom will be at the annual general meeting, postponed from last week, will be relieved that a merger between the two did not go ahead.
The staff and board of directors at Naas CU clearly did a good deal of work looking into the possibility of a merger - before and after the Central Bank announced that Naas CU has expressed an interest in the idea.
And it sought a lot of money before eventually pulling out.
Naas CU has prided itself on being prudent. It’s apparent that while Newbridge CU lent out lots of money, Naas CU kept loans to a more modest level and in keeping with what most people understand of what a credit union should be about.
One loan approved by the credit union in Newbridge was for a remarkable €3.2m while it’s understood the largest loan given out by Naas CU didn’t exceed five figures.
Naas CU functions from a relatively modest setting on the main street in stark contrast to the mammoth Newbridge CU building which looks large enough to accommmodate all three of the main banks operating in the town - and built at a cost which is a fraction of its current value.