Fine Gael TD for Kildare South Martin Heydon has today (Monday) written to the Registrar of Credit Unions Ms Sharon Donnery to highlight to her the importance of returning Credit Union services to Newbridge and the surrounding area.  This follows the transfer of the customer assets and liabilities of Newbridge Credit Union to Permanent TSB last night.

“I have stressed to Ms Donnery the huge value that is placed on credit union services in a community.  Many individuals who are not comfortable using banks have always trusted their local credit union to provide them with necessary services.  Following yesterday’s transfer there is now a vacuum in Newbridge and surrounding areas where credit union services used to exist.”

“ A Central Bank report published last week highlighted a 20% increase in people using moneylenders since 2005. The return of credit union services to Newbridge is crucial to stem the growth of such services that might otherwise arise in the vacuum that now exists.”

“Many local people I spoke with today have an interest in being involved with a new credit union which would reflect the ethos of the Credit Union movement and fill a gap in the town.  I will actively engage with these individuals to find the best way to return credit union services to the people who need them.”

“I welcome the comments of the Irish League of Credit Unions earlier who stated that it is of critical importance that a Credit Union service continues to be available to the Newbridge Community.”

“I am also aware of a number of people who would have relied on small credit union loans to assist them in the pre-christmas period.  I have written to Mr. Niall O’Grady, Director of Transactional Banking at Permanent TSB to ask him to ensure that such services remain available to all his new Newbridge customers at this difficult and uncertain time for them.”