Naas CU merger to be abandoned as AGM postponed.

Naas Credit Union.     Photo Tony Keane
The Central Bank is expected to issue a statement later today (November 9) confirming that Naas Credit Union has no interest in a merger with its debt-ridden counterpart in Newbridge.

The Central Bank is expected to issue a statement later today (November 9) confirming that Naas Credit Union has no interest in a merger with its debt-ridden counterpart in Newbridge.

There has been speculation that Naas Credit Union, which reported a profit of almost €1.8m. for last year, was about to merge with the financially troubled Newbridge Credit Union.

Members of an action group in Newbridge made up most of the attendance at a bad tempered meeting called by Naas CU members in August.

At that time Naas CU was in discussions about a possible merger, which it said could lead to a combined credit union “to serve the communities of both Naas and Newbridge.”

Now it appears that the merger suggestion is dead in the water and that Newbridge Credit Union will instead form part of one of the remaining banks, possibly Permanent TSB.

Meanwhile the annual general meeting of Naas Credit Union, which members can attend and which was to have been held on November 13, has been postponed to an as yet unannounced date.

The Leader understands however that the postponement is due to technical reasons and possibly a desire to finalise the merger issue well in advance of the meeting.

Naas Credit Union has 22,000 members and assets valued at €76m.

-Paul O’Meara.