€108,000 court judgement for Newbridge Credit Union

NEWBRIDGE Credit Union was awarded a court judgment of €108,000 against a member last month.

NEWBRIDGE Credit Union was awarded a court judgment of €108,000 against a member last month.

The credit union had a special manager, Luke Charleton of Ernst & Young, appointed to run it by the High Court in January.

The Central Bank appointed the special manager to protect member savings.

A spokesperson for the credit union said court proceedings are taken “when evaluating how best to secure the interests of the members”.

“As you will appreciate, it is not possible or appropriate for us to comment on the status of any individual member’s account,” said a spokesperson for the credit union.

“Newbridge Credit Union continues to operate as normal. As such all options to ensure repayment of a member’s loan, up to and including initiating Court proceedings, are considered by Newbridge Credit Union when evaluating how best to secure the interests of the members.”

The judgment was the highest awarded to a credit union in April.

Elsewhere some 68 court actions were taken by credit unions last month. Court action is usually taken by credit unions when members refuse to co-operate with them.

- Paula Campbell