Statement 13 January 2012
Newbridge Credit Union Continues to Operate as Normal
Following an application by the Central Bank of Ireland, the High Court today appointed a Special Manager to Newbridge Credit Union (NCU). The Special Manager will oversee the day-to-day management of the credit union. The action has been taken to protect members’ savings and to allow the credit union to operate as normal.
Members of NCU do not need to take any action and can continue to do business as normal with the credit union. NCU’s offices remain open and all services, including deposit and loan facilities, are available.
Registrar of Credit Unions, James O’Brien, said ‘We have taken this action to strengthen NCU, protect members’ funds and ensure that NCU can continue to operate effectively, providing financial services to the local community. We believe that a strong and viable credit union sector, based on strong well governed credit unions based in local communities, is central to the future of the financial system in Ireland and this action is aimed at protecting the wider credit union sector.’
Credit Union members are reminded that eligible deposits of credit union members, up to €100,000, are fully guaranteed by the statutory Deposit Guarantee Scheme.
NCU members can contact the credit union with any queries as normal. The Special Manager will write directly to all members in the coming week to inform them of the appointment.
View letter to Members from Special Manager