Newbridge Credit Union Action Group meets Central Bank on plan

Newbridge Credit Union was on 'hourly liquidity watch'.
FURTHER information on an alternative plan for the future of Newbridge Credit Union is to be submitted to the Central Bank by the Newbridge Credit Union Action Group (NCUAG) following their meeting with the Bank last Friday.

FURTHER information on an alternative plan for the future of Newbridge Credit Union is to be submitted to the Central Bank by the Newbridge Credit Union Action Group (NCUAG) following their meeting with the Bank last Friday.

Meanwhile, a petition from business people and others calling for the retention of Newbridge Credit Union has has been sent to the Minister for Finance.

After Friday’s meeting, Action Group chairman Willie Crowley said the outcome was “constructive if difficult given the entrenched position” of the Bank “in their pursuit of enforcing a merger with Naas.”

A Central Bank spokesperson, Nicola Faulkner, said the Bank did not have any comment to make on Mr Crowley’s statement or outcomes from the meeting, other than to confirm that the meeting was held and it was agreed that the Group would resubmit further details of their alternative proposal for the future of Newbridge Credit Unionto the Central Bank.

NCUAG have not made public any details about the content of the alternative plan which they have formulated for the future of Newbridge Credit Union.

Mr. Crowley also said the group met MEP, Marian Harkin, to discuss possible European intervention on the issue. He said that elements of the group’s proposal were “not fully understood” by the Central Bank officials and “it was agreed by NCUAG to clarify certain elements and to refine details identified by the CB officials.” These would be resubmitted within days’ for further consideration. The group confirmed that their plan would require a timescale of approximately three months to implement, if adopted