Kildare South Fine Gael TD Martin Heydon has today (Monday) expressed his disappointment at the announcement that Newbridge Credit Union has been transferred to Permanent TSB. This follows the Central Bank’s confirmation that discussions with Naas Credit Union on a potential merger of the two institutions had ceased.

“While I welcome the protection of members’ savings and deposits, the loss of Newbridge Credit Union is a devastating blow for the town of Newbridge and for the members of Newbridge Credit Union who have remained loyal to their credit union, since the appointment of a Special Manager in January 2012.

“Having personally spent a huge amount of time working with the Department of Finance and the Central Bank trying to engage on alternative solutions, I am disappointed that the process has now ended in this manner.”

“Nobody is defending the way the Credit union was run in the past, however questions have to be asked now about the handling of this whole process by the Central Bank both before and since the appointment of the Special Manager 22 months ago. Now that this process is about to be completed and the Special Manager’s term is coming to an end, we need full disclosure of financial information and the publication of all outstanding accounts. The members of Newbridge Credit Union deserve to know the full truth.

“I am dismayed to see the loss of the Credit Union from the town of Newbridge and will continue to work with the many loyal members to ensure that full credit union services return to the town,” Heydon concluded.