>Fine Gael Kildare South TD, Martin Heydon, today (Sunday) criticised the Central Bank for its handling of the Newbridge Credit Union issue and the lack of engagement with members.  Deputy Heydon has called on the Central Bank to communicate directly with members on the ongoing process, setting out a clear timeline for a resolution and the removal of the Special Manager.

Deputy Heydon was speaking following an article which appeared in today’s Sunday Business Post outlining the proposed takeover of Newbridge Credit Union by Naas Credit Union. 

“The members at Newbridge Credit Union have been hugely frustrated at what has been going on since the appointment of a Special Manager in January 2012. They have been left completely in the dark with little or no information given to them about what is to happen and the future plans for their Credit Union.

“To compound this frustration, today, in the Sunday Business Post, a Central Bank source is quoted as saying that a cheque of tens of millions of euro will have to be written by the Department of Finance before a take-over by Naas can go ahead due to ‘severe and persistent breaches of regulation, particularly around reserves’.

“A clear timeline needs to be set out by the Central Bank for the people of Newbridge. They need to be told when the Special Manager, who has already been in place for over 18 months, will be gone and a clear outline of the expected timeframe for a resolution to be put in place. Ultimately the members need to know when an AGM will be held where a proper analysis of all of the facts can take place.

“At no point have Central Bank officials engaged constructively with Newbridge branch members to outline future plans for their Credit Union. Everyone knows that there is a legal process underway here, which is governed by the High Court, however, the lack of any meaningful dialogue has created an environment of real frustration and anger in Newbridge. 

“Members simply need information and a clear timeline regarding what is happening with their Credit Union, and they don’t want to get it by reading the weekend newspapers.”