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Old 14-01-2012, 01:36 AM
Tyrone Laces
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Default Central Bank takes control of Newbridge Credit Union

RTE News etc:

The High Court has appointed a special manager to Newbridge Credit Union following an application by the Central Bank.
The Central Bank said the action has been taken to protect members' savings and to allow the credit union to operate as normal. The special manager will oversee the day-to-day management of the credit union.
The bank has reassured members that they do not need to take any action and can continue to do business as normal with the credit union. It added that Newbridge Credit Union's offices remain open and all services, including deposit and loan facilities, are available.
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Old 14-01-2012, 03:47 PM
Slim Slim is offline
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Posts: 1,638

Originally Posted by Tyrone Laces View Post
RTE News etc:
Probably for the best. All credit unions have had ample opportunity to reach the recommended reserves. New bridge is not part of the ILCU so does not have access to it's support and has not been subject to it's inspections, which would have flagged the problem earlier.
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Old 14-01-2012, 04:30 PM
ClubMan ClubMan is offline
Posts: 43,673

Apologies if this is slightly off topic...
Originally Posted by Slim View Post
Newbridge is not part of the ILCU
I just assumed that all CUs were members of (affiliated to or whatever?) the ILCU. Is the ILCU the only "umbrella" organization or are there others? Or are there some CUs (how many? which ones?) that are totally independent/standalone?

Update: never mind - found the answer here: http://www.citizensinformation.ie/en...it_unions.html

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