Central Bank takes control of Newbridge Credit Union

Tyrone Laces · 14 Jan 2012

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.

Slim · 14 Jan 2012

Tyrone Laces said:
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.

ClubMan · 14 Jan 2012

Apologies if this is slightly off topic...

Slim said:
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: [broken link removed]

Central Bank takes control of Newbridge Credit Union

Tyrone Laces

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Slim

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ClubMan

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Central Bank takes control of Newbridge Credit Union

Tyrone Laces

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Slim

Registered User

ClubMan

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