Naas Credit Union (NCU) will not open a branch in Newbridge in the foreseeable future.
Naas CU members voted in favour of the idea (by 72 votes to 54) to open a branch to replace the bust Newbridge CU but the margin in favour fell short of the required two thirds majority at last night’s AGM in the Osprey Hotel.
There was some criticism too from Naas CU account holders about the failure to call an extraordinary general meeting to allow members an input into any decision to “extend the common bond” - credit union parlance for opening a branch outside the area NCU normally covers.
Paddy Behan described said NCU is well run and well funded but Newbridge CU had been through enough in recent times, referring to the proposal as a “hostile act.”
He was also fearful that merging with Newbridge “would bring in 25,000 people and could increase debts in Naas as they did in Newbridge.”
Mr. Behan added: “We’re not wanted in Newbridge” and he raised the spectre of NCU staff being treated in a hostile way in the event of an office opening.
NCU board chairman Peter Fullam said no new credit unions had been set up since 1998 and he suggested any new CU in Newbridge would be likely to fail.
He said the proposal was aimed at “helping the people of Newbridge” but at the time there was risk involved for Naas.
Referring to Newbridge’s problems, Mr. Fullam said Newbridge did not use the same credit rating service as Naas when processing business.
He said NCU has not acted as predators.
No EGM was held, he said, because of the duty and right of the board of directors to act as they did on behalf of members.
Full report in next week’s Leinster Leader.