Kildare South Fine Gael TD Martin Heydon has today (Wednesday) clarified his understanding of the outcome of last Thursdays meeting between representatives of Newbridge Credit Union Action Group (“NCUAG”) and Minister Michael Noonan in relation to Newbridge Credit Union.

“Representatives of the Action Group spoke about a potential alternative solution at the meeting but had not brought any details of that solution to the meeting. Minister Noonan undertook to pass any proposal, received through me, to the Central Bank for their consideration and further consultation. The Minister was very clear however to stress that due to the urgency of the situation, work on the proposed merger with Naas would not be stopped in the meantime as there was a commitment given to have a resolution agreed before the end of the Special Manager’s term at the end of the year”.

The Minister also said that he would request the Central Bank to engage with the Group and meet with them to discuss further, once an outline proposal had been submitted. It is unfortunate that NCUAG did not avail of the opportunity of meeting with the Minister last week to furnish an outline of their proposal then.

“The Central Bank as of now, have no idea what the nature of the NCUAG proposal is. It is unreasonable to expect them to meet with the Group without some briefing on the proposal beforehand.”

“I met with Mr Greg Allen, Financial Consultant for NCUAG earlier this week. Mr Allen outlined that the proposal to be put forward by the Action Group would involve Newbridge members taking a risk on some of their savings. I do not think that savers in Newbridge Credit Union should risk their capital by relinquishing their state guarantee and I would have concerns over any proposal that suggests that.”

The Minister stands by his commitment to ask the Central Bank to consider a proposal from the NCUAG and to engage on it as soon as one is submitted.